I think Tocqueville's big advantage is that they invest a lot in smaller gold mines. Just as it's easier for a local store to double than it is for Walmart, it's easier for a small miner to double. Now the problem is that most small miners don't make money- and never will. Which is why I don't invest in GDXJ, the small miner index. Tocqueville solves this problem by sending geologists out to examine small miners, see that they in fact are standing on a viable amount of gold. See that the operation is well run. Also, for the sake of safety, they have 10%+ in real gold. So TGLDX isn't beating the index, but on a risk-adjusted basis, it's doing terrific. Comments?
GDX up 88%, but TGLDX is safer. I think it has 14% of it's money in gold or gold ETFs. Also, the manager has the money in miners mostly in Canada, the US and Australia, places where the mines are not going to be confiscated. Both of these make for lower returns in an up market, but safer returns. That's a trade-off I'm happy to make.