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The Economist's Matthew Bishop grills a panel of bullish gold investors on whether there really is a bright future for the precious metal.
Panelists include Jim Cramer, co-founder and markets commentator for TheStreet.com and popular host of CNBC's Mad Money; John Hathaway, a leader in the gold investment sector as well as manager of a series of private gold-oriented accounts and gold funds for the Tocqueville Funds; and Thomas Kaplan, a prominent natural resources investor and chairman of the Electrum Group of companies.
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Matthew Bishop is the U.S. business editor and New York bureau chief of The Economist. His new book, The Road from Ruin: How to Renew Capitalism and Put America Back on Top, with Michael Green, was published by Crown in February 2010. Philanthrocapitalism, his previous book (also with Mr. Green) was on the global revolution under way in philanthropy. Mr. Bishop is also the author of Essential Economics, The Economist's official layperson's guide to economics.
Jim Cramer runs the charitable trust portfolio, Action Alerts PLUS, and writes daily market commentary for TheStreet's RealMoney premium service. He also participates in video segments on TheStreet TV and serves as host of CNBC's "Mad Money" television program. Cramer graduated magna cum laude from Harvard College, where he was president of The Harvard Crimson. He worked as a journalist at the Tallahassee Democrat and the Los Angeles Herald Examiner, covering everything from sports to homicide before moving to New York to help start American Lawyer magazine. After a three-year stint, Cramer entered Harvard Law School and received his J.D. in 1984. Instead of practicing law, however, he joined Goldman Sachs, where he worked in sales and trading. In 1987, he left Goldman to start his own hedge fund. While he worked at his fund, Cramer helped start Smart Money for Dow Jones and then, in 1996, he founded TheStreet. In 2000, Cramer retired from active money management to embrace media full time, including radio and television.
John Hathaway, Senior Managing Director, is a Portfolio Manager and a member of the Investment Committee at Tocqueville Asset Management L.P. He is also a Director of Tocqueville Management Corp., the General Partner of Tocqueville Asset Management.
Mr. Hathaway, who has 39 years of investment experience, manages the Tocqueville Gold Fund, Tocqueville Gold Partners and separate accounts for individual and institutional clients following a gold strategy.
Prior to joining Tocqueville in 1997, Mr. Hathaway began his career in 1970 as an Equity Analyst with Spencer Trask & Co. In 1976 he joined the investment advisory firm David J. Greene and Company, where he became a Partner. In 1986 he founded and managed Hudson Capital Advisors followed by seven years with Oak Hall Advisors as the Chief Investment Officer.
Mr. Hathaway has a B.A. degree from Harvard College, an M.B.A. from the University of Virginia and is a CFA charter holder.
Thomas S. Kaplan is an American entrepreneur, natural resources investor, philanthropist and art collector. He is the Chairman and Chief Investment Officer of Tigris Financial Group Ltd., a New York City-based investment, advisory and asset management firm with areas of focus that include the natural resources sector.
"Mad Money" host Jim Cramer bashes Warren Buffett's stance that the gold market isn't a sound long-term investment because the precious metal has no utility. While Buffett snubs the value of gold, Cramer emphasizes the limited amount available, as well as the lack of new gold being mined.