July offered some breathing room after a tough June. Gold rose 0.9% to USD 4,044, holding steady around the USD 4,000 level — roughly 20% higher over twelve months. Silver slipped 1.7% to USD 57.60, also holding a relatively even level, and up around 56% from this time last year.

There is considerable potential for the patient investor. And Au-gust has already had a flying start.

In this month's letter, we look at:

• The Fed's balance sheet turning upward in 2026, QE in disguise, and why the direction matters more than the size
• Why Washington is propping up the yen — and why a stronger yen is what could unwind the carry trade that has been funding US markets
• Leverage catching up with the market: a collapsed US hedge fund, South Korean retail piling on margin, and early access to market-moving posts sold by subscription

Follow the link to read the full letter!

Investment Solutions

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

AuAg Funds
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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