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Insights from Tocqueville

Tocqueville Gold Strategy Fourth Quarter 2018 Investor Letter

By John Hathaway on January 11, 2019

Going Bananas US debt to GDP exceeds 100%, in the danger zone that has historically led most countries into a banana-republic-style sovereign-credit crisis, loss of currency value, and credit collapse.  The ratio has hovered near the 100% level since 2013 without adverse consequences.  Over the past year, the dollar has been generally strong relative to …

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Investing for the Long Term: A Word on Performance

By Paul Kleinschmidt on November 5, 2018

We live in a short-term, short-attention-span world dominated by relentless news cycles. In few places is this more apparent than within financial circles, where these powerful trends have combined to increase the collective anxiety of the investor community. Performance has come to be measured in days and weeks; returns are examined monthly and usually without …

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Tocqueville Gold Strategy Third Quarter 2018 Investor Letter

By John Hathaway on October 2, 2018

“Disorder in the house                   There’s a flaw in the system                   And the fly in the ointment’s gonna bring the whole thing down”                               …

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Gold: A Case of Extremes

By John Hathaway on August 22, 2018

Intense liquidation of gold mining shares during the week of August 13, 2018 could, in our opinion, mark a trading bottom, if not the terminal point in the lengthy consolidation of the sector since the bottom of December 2015.  To support our view, we note: -Extreme bearish positioning of COMEX gold speculators; -Extreme bullish positioning …

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Tocqueville Gold Strategy Second Quarter 2018 Investor Letter

By John Hathaway on July 16, 2018

There has been an epic liquidation of speculative long positions in gold over the past two years.  According to the CFTC Commitments of Traders report, long positions in gold held by hedge funds and other large-scale speculators declined from 893 tonnes in July 2016 to only 13 tonnes at the end of June 2018 [As …

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Mutual Funds

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