A Visit with John Hathaway of The Tocqueville Gold Fund


It was a thrill to get to visit with John Hathaway Wednesday evening. Not only is John a well-respected money manager, he's also someone who views the "gold market" in a manner that fits right in with TFMR. Therefore, please carve out some time to give this podcast a listen.

John Hathaway is Chairman of Tocqueville Asset Management where he's also the co-manager of the $1.3B Tocqueville Gold Fund. This is a traditional, actively-managed mutual fund that anyone can purchase within their investment accounts and IRAs. More background on the fund can be found here:

TGLDX_Factsheet_4Q16 by Turd Ferguson on Scribd

What's fun is that John sees the world in much the same manner as we do here at TFMR. As evidence of that, please scroll through John's latest letter to shareholders dated January 5 of this year:

Tocqueville Gold Strategy Letter YE 2016 by Turd Ferguson on Scribd

In this call, John and I discuss a number of issues, including:

  • The prevailing negativity to begin 2017...strikingly similar to the prevailing conditions as 2016 began.
  • The notion of a stronger dollar and higher interest rates in 2017 which we call The Generally Accepted Narrative.
  • Specific gold-positive fundamentals for 2017.
  • The inherent disconnect of the pricing power bestowed upon the synthetic gold market.
  • How and why mining shares are positioned to provide exceptional returns in the months ahead.

I think you're really going to enjoy this podcast and I hope to have John back again soon for an update.



Feb 5, 2017 - 3:42pm

Nationalize The Fed When

"The system" crashes. Isn't that what was done several times before? After all, the Fed has been pulling currency into exisitance from nothing. To nothing it shall return! But let's just run up the tab a bit more before we pull the lever on that one, ok?

Ty: You read Armstrong. Do you know why the CBs can't just the buy up new issued bonds when the rolled over bonds mature? He sort of glossed over that question about who will buy. It seems like a no-brainer that they'd buy new issues when no one else is that stupid.... Just curious if his question was rhetorical or I missed something he's been saying.

Feb 3, 2017 - 4:00pm


Link looks OK here. If you go in by that page you then have to load the soundcloud link on that page.


Feb 3, 2017 - 3:27pm

Broken link...

Even the link on the Vault page will not load correctly... fyi.


Feb 3, 2017 - 2:32pm


Looks like it squeaked a close just above $1220 before being hit on the Globex.

Feb 3, 2017 - 1:00pm

away we [email protected]

Good article but did anyone read the "comment section" which was a competing advertising frenzy by loan agents pushing easy money loans that certainly don't seem to be collateralized or secure as they should be. This kind of shit reminds me of 2007-08 all over again. The end game is getting closer.


CC Horses
Feb 3, 2017 - 12:30pm

Btc vs PM

What would the price of Silver & Gold be, if all the money that was put into BTC and the other ALT coins had gone into PM? If Only!!

AGXIIK I am right there with you brother, went all in PM in 2011 & 2012 with my average price now at $31. If only had gone into BTC instead. Hindsight is always 20/20. But I did not know or understand BTC at that time. I have 4 BTC now, thanks to JC and HumanMushroom for their encouragement to get some. Started buying 3 weeks ago at 850. At least it is in the green for now, which sadly is more than I can say for my PM. But it is mostly for my daughter anyway. So, I am hopefull she will reap the rewards of my recent years of misery. lol

Feb 3, 2017 - 11:59am
Feb 3, 2017 - 11:35am

A couple of thoughts come to

A couple of thoughts come to mind while listening to Hathaway. The performance of his fund on the 5 and 10 year basis are weak for obvious reasons. He's a braveheart to go against every force of evil from the TBTF banks, Fed, GS Masters of the Universe, BLSBS, POTUS dark siders, Deep State and every other entity that works to hammer We, the people. Maybe 2017 will be different, particularly those of us who believe in specie, real money and our favorite hard assets

I wish that someone could come up with new news, some revelation that provides us some views of the future other than the dark gloomy stuff including mine.

Visit the FAQ page to learn how to track your last read comment, add images, embed videos, tweets, and animated gifs, and more.

Feb 3, 2017 - 10:56am


Where do you think on the list of problems this country faces would " Wall Street fraud, greed, corruption, manipulation, naked shorting, accounting chicanery, false statistics " fall? Give the man a break. What have you accomplished in the past 2 weeks?

The Doc
Feb 3, 2017 - 10:51am

That's OK

As a Canadian, he probably thinks that the field is too small and that you only get two plays before having to punt...

Subscribe or login to read all comments.

Become member and subscribe to Turd's Vault


Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 4/12

4/13 8:30 ET CPI
4/13 12:00 ET Goon Harker
4/14 8:30 ET Import Price Index
4/14 12:00 ET Chief Goon Powell
4/14 2:45 ET Goon Chlamydia
4/15 8:30 ET Retail Sales
4/15 8:30 ET Philly Fed
4/15 8:30 ET Empire State Manu
4/15 9:15 ET Cap Ute and Ind Prod
4/15 2:00 ET Goon Daly
4/15 4:00 ET Goon Mester
4/16 8:30 ET Housing starts

Key Economic Events Week of 4/5

4/5 9:45 ET Markit service PMI
4/5 10:00 ET ISM service PMI
4/5 10:00 ET Factory Orders
4/6 10:00 ET JOLTS job openings
4/7 9:00 ET Goon Evans
4/7 12:00 ET Goon Barkin
4/7 2:00 ET March FOMC minutes
4/8 12:00 ET Chief Goon Powell
4/9 8:30 ET PPI
4/9 10:00 ET Wholesale inventories

Key Economic Events Week of 3/29

3/30 9:00 ET Goon Quarles
3/30 10:00 ET Consumer Confidence
3/30 2:30 ET Goon Williams
3/31 8:15 ET ADP Employment
3/31 9:45 ET Chicago PMI
3/31 time TBA Biden Infrastructure speech
4/1 9:45 ET Markit Manu PMI
4/1 10:00 ET ISM Manu PMI
4/1 10:00 ET Construction spending
4/2 8:30 ET BLSBS

Key Economic Events Week of 3/22

3/23 9:00 ET Goon Bullard
3/23 12:00 ET CGP and Mother on Capitol Hill
3/24 8:30 ET Durable Goods
3/24 9:45 ET Markit Flash PMIs March
3/24 10:00 ET CGP and Mother on Capitol Hill
3/25 8:30 ET Q4 2020 CDP final guess
3/25 12:00 ET Goon Bostic speech
3/25 3:45 ET Goon Chlamydia speech
3/26 8:30 ET Personal Income and Spending
3/26 8:30 ET Core Inflation
3/26 10:00 ET Consumer Sentiment

Key Economic Events Week of 3/15

3/15 8:30 ET Empire State Index
3/16 8:30 ET Retail Sales
3/16 8:30 Import Price Index
3/16 9:15 ET Cap Ute and Ind Prod
3/16 10:00 ET Business Inventories
3/17 2:00 ET FOMC Fedlines
3/17 2:30 ET CGP presser
3/17 8:30 ET Philly Fed

Key Economic Events Week of 3/8

3/8 10:00 ET Wholesale Inventories
3/10 8:30 ET CPI
3/10 2:00 ET Federal budget
3/11 8:30 ET Initial jobless claims
3/12 10:00 ET JOLTS job openings
3/13 8:30 ET PPI
3/13 10:00 ET UMich sentiment

Key Economic Events Week of 3/1

3/1 9:45 ET Markit Manu PMI
3/2 10:00 ET ISM Manu PMI
3/2 1:00 ET Goon Brainard
3/3 9:45 ET Markit Service PMI
3/3 10:00 ET ISM Service PMI
3/3 12:00 ET Goon Bostic
3/3 2:00 ET Goon Evans
3/4 8:30 ET Unit Labor Costs
3/4 10:00 ET Factory Orders
3/4 12:00 ET Chief Goon Powell
3/5 8:30 ET BLSBS

Key Economic Events Week of 2/22

2/22 10:00 ET LEIII
2/23 9:00 ET Case-Shiller home prices
2/23 10:00 ET CGP at US Senate
2/24 10:00 ET CGP at US House
2/24 1:00 ET Goon Chlamydia speech
2/25 8:30 ET Jobless claims
2/25 8:30 ET Durable goods
2/25 10:30 ET Goon Bullard
2/26 8:30 ET Pers Inc and Spending
2/26 8:30 ET Core inflation
2/26 9:45 ET Chicago PMI
2/26 10:00 ET UMich sentiment

Key Economic Events Week of 2/15

2/17 8:30 ET Retail Sales
2/17 8:30 ET PPI
2/17 9:15 ET Cap Ute and Ind Prod
2/17 10:00 ET Business Inventories
2/17 2:00 ET January FOMC minutes
2/18 8:30 ET Initial jobless claims
2/18 8:30 ET Import price index
2/18 8:30 ET Philly Fed
2/19 9:45 ET Markit Feb flash PMIs

Key Economic Events Week of 2/8

2/8 12:00 ET Goon Mester speech
2/9 10:00 ET JOLTS job openings
2/10 8:30 ET CPI
2/10 10:00 ET Wholesale Inventories
2/10 2:00 ET Chief Goon Powell speech
2/11 8:30 ET Initial jobless claims
2/12 10:00 ET Consumer sentiment

Recent Comments

Forum Discussion