Wall Street Transcript Interview with Douglas B. Groh, Portfolio Manager and Senior Research Analyst at Tocqueville Asset Management LP: Focusing on Management, Minerals and Money for Gold Investing
67 WALL STREET, New York - December 18, 2012 - The Wall Street Transcript has just published its Gold and Precious Metals Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Investment and Central Bank Demand - Gold Producers vs. Gold ETF - Midcap and Small-Cap Consolidation Activity - The Rise of Gold ETFs - Central Banks as Net Buyers of Gold
Companies include: Royal Gold, Inc. (RGLD), Silver Wheaton Corp. (SLW) and many others.
In the following excerpt from the Gold and Precious Metals Report, an experienced portfolio manager discusses his investment philosophy:
TWST: Can you begin by introducing us to Tocqueville Asset Management and telling us a bit about your role there?
Mr. Groh: Tocqueville Asset Management, located in New York, manages about $12 billion. We manage money for institutional investors, high net worth clients, as well as a number of mutual funds. The biggest portion of our assets under management is involved in a gold strategy; approximately $3 billion is focused on a gold strategy, and that strategy is primarily emphasizing the opportunities we see in the gold mining sector. My role here at Tocqueville for the past 10 years has been as an Analyst and most recently as a Co-Portfolio Manager of a number of our gold-focused strategy portfolios. Currently, I'm focused full time on the gold strategy and gold mining equities in particular.
TWST: From a big-picture perspective, why is now a good time to be investing in gold stocks and what role do you think gold should play in a balanced portfolio?
Mr. Groh: I think not just now but the last several years have been a good time to have exposure to gold, and I think going forward, exposure to gold should serve investors very well. Gold has proven itself as a legitimate financial alternative asset class. It does provide diversification to a portfolio, and it can enhance returns relative to the risk in portfolios, given its noncorrelation to other financial instruments. Many investors have recognized that gold is a store of value, and that is observable where monetary policies on a global scale are debasing currencies, whether that's in Switzerland, in Europe, in the U.K., the U.S., Japan or other parts of Asia. Really, to a large extent, the rise in gold price is a result of a decline in the value of currencies. So gold offers international investors or even local investors the opportunity to gain some return with reduced risk in a diversified portfolio.
TWST: In general, how would you describe your investment philosophy as it relates to the Tocqueville Gold Fund? And what do you think makes your approach unique?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
