Insights from Tocqueville - Page 7 of 14
Paper Gold: Utopia for Alchemists

Paper Gold: Utopia for Alchemists

by | Jan 7, 2016 | Insights

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...
What’s So Great About Private Equity?

What’s So Great About Private Equity?

by | Mar 31, 2016 | Insights

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

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

by | Nov 21, 2016 | Insights

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...
Letter to the Clients

Letter to the Clients

by | Jan 27, 2017 | Insights

Dear Clients, Now that the elections are mercifully behind us, the markets should be able to focus on fundamentals, which are, as of this writing, neither terribly positive nor terribly negative. Over the next 12 months, we would expect, so long as U.S. growth...