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    Tocqueville Gold Strategy Investor Letter Second Quarter 2012

    Tocqueville Gold Strategy Investor Letter Second Quarter 2012

    By John Hathaway on July 2, 2012

    During the second quarter, the gold price declined 4.3% from $1,668 to $1,597.  On a year to date basis, gold has appreciated 2.2%.  Gold mining shares as measured by the XAU Index (PHLX Gold/Silver Sector Index) declined 9.7% in the second quarter and 11.9% on a year to date basis.  That is the bad news.  …

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    Tocqueville Gold Second Quarter 2012 Investor Letter

    By John Hathaway on July 2, 2012

    During the second quarter, the gold price declined 4.3% from $1,668 to $1,597. On a year to date basis, gold has appreciated 2.2%. Gold mining shares as measured by the XAU Index (PHLX Gold/Silver Sector Index) declined 9.7% in the second quarter and 11.9% on a year to date basis. That is the bad news. …

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    Gold, Gold Mining Shares, and QE

    Gold, Gold Mining Shares, and QE

    By John Hathaway on June 13, 2012

    The protracted correction in gold and precious metals stocks that began in September 2011 appears to have ended.  Our conclusion is based on historically reliable gauges of sentiment, valuation and technical factors.  (We will publish the specific readings on these gauges with our second quarter investment letter on June 30.) This basing, in our view, …

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    Tocqueville Gold Strategy Investor Letter First Quarter 2012

    Tocqueville Gold Strategy Investor Letter First Quarter 2012

    By John Hathaway on April 9, 2012

    During the first quarter of 2012, precious metals equities, as measured by the XAU index, declined 2.4% to 175.46, while gold bullion rose 6.7% to $1668.35.  In our opinion, the first quarter consisted of an important test of the low made by the metal in December at $1522.65.  Precious metals shares have been marking time …

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    Tocqueville Gold Year-End Investor Letter – 2011

    Tocqueville Gold Year-End Investor Letter – 2011

    By John Hathaway on January 3, 2012

    2011 was a good year for gold bullion, up 11.3%, but a tough year for gold stocks which declined 18.3% based on the XAU index of gold and silver stocks.  We addressed the reasons for the disparity between the performance of gold bullion and gold mining stocks at length in our web site article (The …

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