The first quarter has been turbulent, but volatility comes with the territory. Geopolitical tensions, rising energy costs, and policy uncertainty continue to shape markets. Weak hands have been shaken out and strong ones remain.

Precious and essential metals sit in fertile grounds as financial systems, industry, and energy infrastructure become increasingly dependent on them.

In this month’s letter, we look at:

• Recent corrections in gold and silver following a volatile start to the year, and what this may signal for the months ahead
• Why the underlying investment case for metals remains intact despite short-term market repositioning
• Growing concerns around open insider trading in the United States and what a breakdown of institutional trust could mean for financial markets

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Investment Solutions

• AuAg Silver Bullet
• AuAg Precious Core
• AuAg Gold Rush
• AuAg Essential Metals

AuAg Funds
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Risk Information
Investing in funds always involves a risk. An investment can both increase and decrease in value, and investors may not recover the full amount invested.

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