AS FAR BACK AS LAST OCTOBER, John Hathaway believed gold's breakaway performance from other commodities signaled rough times ahead for financial assets. That proved true -- and that's the kind of insight that has led the Manhattan-based Hathaway's $1.1 billion Tocqueville Gold Fund (ticker: TGLDX) to its own breakaway performance. The fund is up nearly 12% this year, versus 9% for the Standard & Poor's 500 and 17% for the XAU, the Philadelphia Exchange's Gold and Silver sector index, which has benefited from an overweight position in copper-producer Freeport-McMoRan (FCX). That follows on the heels of last year's 39% and average annual returns the past five years of 27%, versus 14% for the S&P and 20% for the XAU.

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