Exhibit (d)(4)

                 AMENDMENT TO THE INVESTMENT ADVISORY AGREEMENT

     THIS AMENDMENT TO THE INVESTMENT ADVISORY AGREEMENT is made as of October
22, 2004, by and between THE TOCQUEVILLE TRUST, a Massachusetts business trust
(the "Trust"), on behalf of its series THE TOCQUEVILLE FUND (the "Fund") and
TOCQUEVILLE ASSET MANAGEMENT L.P., a limited partnership (the "Investment
Adviser").

                                   WITNESSETH:

     WHEREAS, the Fund and the Investment Adviser are parties to an Investment
Advisory Agreement dated as of February 26, 1990, as amended March 24, 2000,
pursuant to which the Investment Adviser serves as the investment adviser for
the Fund; and

     WHEREAS, the Fund and Investment Adviser desire to amend the Investment
Advisory Agreement to reflect an increase in the advisory fee breakpoints
payable by the Fund to the Investment Adviser under such Agreement; and

     WHEREAS, this amendment to the Investment Advisory Agreement has been
approved by the Board of Trustees of the Trust and the shareholders of the Fund.

     NOW, THEREFORE, the parties hereby agree as follows:

     1. The first sentence of Paragraph 8 of the Investment Advisory Agreement
is hereby amended to read as follows:

          The Fund shall pay the Investment Adviser in full compensation for
     services rendered hereunder an annual investment advisory fee, payable
     monthly, of .75% of the Fund's average daily net assets on the first $1
     billion and .65% of the Fund's average daily net assets in excess of $1
     billion.

     2. The Investment Advisory Agreement, as expressly amended hereby, shall
continue in full force and effect.



     IN WITNESS WHEREOF, the parties hereto have executed this AMENDMENT TO THE
INVESTMENT ADVISORY AGREEMENT as of the day and year first above written.

                                        THE TOCQUEVILLE TRUST, on behalf of

                                        THE TOCQUEVILLE FUND


                                        By: /s/ Roger C. Cotta
                                            ------------------------------------
                                            Name: Roger C. Cotta
                                            Title: Secretary


                                        TOCQUEVILLE ASSET MANAGEMENT L.P.


                                        By: /s/ Roger C. Cotta
                                            ------------------------------------
                                            Name: Roger C. Cotta
                                            Title: Chief Operations Officer