Wednesday, 3 July 2013

Tocqueville Q2-13 Letter - John Hathaway

Linked HERE

We observe profound internal change within the industry which suggests to us that the strongest companies will deliver compelling upside performance when the metals markets turn. These changes include substantial scale backs of capital spending and other measures to preserve cash and reduce expenses. As managers, we are focusing on companies with the strongest financials and best assets. 
short positions of these traders are higher than at the bottom in 2008 (chart below), after which gold rallied 167% and mining shares 256% (basis XAU)

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