John Hathaway, manager of the $1.6 billion Tocqueville Gold Fund (TGLDX), was spot on January when he called for a "mega short squeeze" in the metal.

Both gold and silver have soared since then and the SPDR Gold Shares (GLD) is the most popular fund in the land, having absorbed billions of dollars worth of new money. Today, Hathaway says the rally is just getting started. He writes in a semi-annual update to investors that:"positive gold cycles have historically lasted for at least three to five years, and some longer. Despite...