Tocqueville Gold Fund Letter to Shareholders

Image via Wikipedia Mutual funds are a great way to invest because they bring a lot of diversification. You have to be careful with expense ratios though because fees or expenses can really eat at your return. One of my mutual funds, the Tocqueville Gold Fund has a decent expense ratio at 1.38% but the portfolio manager, John Hathaway consistently beats the benchmark, so I think he's worth it.

I bring this up because I think Hathaway is one of the smartest precious metal investors out there and I keep a chunk of money with him. I just got done reading his semi-annual letter to the shareholders and wanted to post it for you. Keep in mind it was written in April 08, but it's worth the read and is still very applicable.

Tocqueville Gold Fund Letter to Shareholders (scroll to page 10 of the PDF)