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Par John HATHAWAY, grant du fonds Toqueville Gold
Few would dispute that the twelve year (and still counting) bull market in gold has been the opportunity of this investment lifetime. Even fewer have participated. From its 20 year bear market low in August of 1999, bullion has appreciated more than seven fold. That works out to a $US compound return of 18.0% compared to 0.7% for the SP 500. There is a paltry $2 trillion of investment gold, approximately 1% of global financial assets. It is not main stream. It is not widely held. The rationale for investing is antithetical to mainstream thinking. The opportunity has been missed by almost every conceivable category of investor including pension funds, endowments, mutual funds, and central banks, all of...
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