Monthly letter October 2026

2026-10-08 14:00:00

September brought a taste of the volatility our sector is known for. Gold fell 6.5% to USD 4,156 and silver 9.2% to USD 60.42, giving back part of August's gains as the US rate hike strengthened the dollar. The mining companies held their ground, falling no more than the metals even though they had risen considerably more in August.

In this month's letter, we look at:

Mining companies turning record cash flows into share buybacks – fewer shares in the market for the same company value
The dominoes lining up: France's risk premium back at eurozone-crisis levels, foreign central banks selling US Treasuries, and why we believe currencies will be sacrificed to rescue the bond market
Why the US real interest rate is positive on paper but doubtful in reality – and what "financial repression" means for gold

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Disclaimer
This material is marketing communication. The information does not constitute investment advice or a personal
recommendation. Investment decisions should be based on the fund’s information brochure and fact sheet, as well as your own considerations. Investments involve risk. Past performance is not a guarantee of future returns. The money invested in the fund may both increase and decrease in value, and it is not certain that you will recover the entire amount invested. Before making an investment decision, you should review the fund’s information brochure and fact sheet, available at www.auagfunds.com