- Manager of the $1.6B Tocqueville Gold Fund (MUTF:TGLDX), John Hathaway in January called for a "mega short squeeze" at the start of the year.
- $300 per ounce later, Hathaway - in his semi-annual update - says there's more to come. Positive gold cycles, he writes, tend to last three to five years, meaning this one is still in its infancy.
- The factors that caused gold's rush higher - namely, ultra-low/negative interest rates across the globe - are still in place. A return to a normalized rate regime cannot occur, he says, without damage to financial markets, which should trigger even more flows into gold.
- "The rewards of gold exposure, in our opinion, promise to be of historic magnitude. At such a moment, it would be counterproductive for investors to dwell upon issues of market timing."
- ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GTU, UGLD, GLL, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, GYEN, GEUR, UBG, QGLDX