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    Insights from Tocqueville

    Trump’s Victory: What Does it Mean for Gold?

    Trump’s Victory: What Does it Mean for Gold?

    By John Hathaway on November 21, 2016

    In our view, the systemic risks that existed prior to the presidential election have not suddenly vanished. Most important among these is a massive bond-market bubble. Close behind, equity valuations remain at historically extreme levels. How the new administration deals with these vexing issues, assuming that it even begins to comprehend them, is a complete …

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    What’s So Great About Private Equity?

    What’s So Great About Private Equity?

    By Robert Kleinschmidt on March 31, 2016

    Over the past few decades, private equity has gained cachet among investors much the way hedge funds did in an earlier era. Many of today’s investors believe that private equity represents a new and superior asset class. But it is neither. Far from new, it is the oldest form of equity investing. As for superiority, …

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    This Is Why You Hire Us: The ABCs of Wealth Management

    This Is Why You Hire Us: The ABCs of Wealth Management

    By Robert Kleinschmidt on February 12, 2016

    A. Keep Calm and Carry On The tumult in global equity markets has been so sudden and so violent that it has left many observers breathless.  “What in the world,” many investors want to know, “is going on?” The answer?  No one really knows.  This admission is not a bad thing.  Among other salutary characteristics, …

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    Tocqueville Gold Strategy Investor Letter Fourth Quarter 2015

    Tocqueville Gold Strategy Investor Letter Fourth Quarter 2015

    By John Hathaway on January 12, 2016

    During 2015 gold bullion declined 10.4 percent, to $1061.4, while gold mining stocks (basis XAU Philadelphia Stock Exchange Index of Gold and Silver Stocks) declined 33.4 percent. 2015 was the third consecutive year of declines in the precious metals complex, a correction from all-time highs that appears overextended and ripe for a trend reversal. We …

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    Paper Gold: Utopia for Alchemists

    Paper Gold: Utopia for Alchemists

    By John Hathaway on January 7, 2016

    An acute shortage of readily marketable physical gold is developing that we believe will deepen in years to come. This possibility seems to be unrecognized by those who are short the gold market through paper contracts. The relentless dumping of synthetic or paper gold contracts since 2011 by speculators in Western financial markets has caused …

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