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Tocqueville's strategy letter: Gold is as contrarian as it was in 1999
8:30a ET Friday, April 10, 2015
Dear Friend of GATA and Gold:
Gold is again as out of favor as it was in 1999 when its bear market reversed into a bull market, Tocqueville Asset Management's John Hathaway writes in the firm's first-quarter gold strategy letter. Hathaway argues that gold looks like a good hedge against overvalued financial markets and a collapse in confidence in central banking. But while his report acknowledges "financial repression" by central banks in regard to interest rates, it does not acknowledge more "financial repression" in regard to gold, even as interest rates can't be suppressed by market intervention without similar suppression of gold prices. That would leave gold investors waiting, as ever, for fundamentals to assert themselves. They probably shouldn't hold their breath for that. Hathaway's report is posted at the Tocqueville Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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