Tocqueville Gold Fund manager John Hathaway's quarterly letter to shareholders argues that "the stage is set for a renewed advance toward all-time highs" for gold. His reasons:
"1. The war on savings and capital being conducted by central banks seems likely to drive investors toward alternative safe assets. We believe that prominent among the available options is gold.
"2. At the zero interest-rate boundary, bonds are no longer capable of providing a stability hedge for equity portfolios; investors may look to gold to fill that vacuum.
"3. A deepening shortage of physical gold means that even modest capital inflows into precious metals should drive an outsized price response."
Hathaway's letter is posted at the Tocqueville Internet site here:
http://tocqueville.com/insights/gold-strategy...tor-letter-1Q16
