Tocqueville Gold Strategy Investor Letter
by John Hathaway
Tocqueville
The precious metals markets have clearly turned the corner, becoming flat-out bullish following the extensive and painful correction from August 2011 to year-end 2015. Year-to-date through June 30, the US dollar gold price has increased 24.57 percent, while the XAU (Philadelphia index of gold and silver stocks) benchmark has increased 116.16 percent. Positive gold cycles have historically lasted for at least three to five years, and some longer. Despite the impressive year-to-date advance, we believe this cycle is still in its infancy, and that it promises to be extremely powerful.