The FIFA World Cup is in full swing, and the teams are competing for the coveted World Cup Trophy – weighing in at 6.175kg, whereof 5kg of it is 18-karat gold. Whether on the pitch or in the markets, going for gold is rarely a straight line. June was proof of this – the sharpest correction since 2013 had many calling the run over. But the underlying case has only strengthened.

The drops in gold and silver were technical corrections driven by dollar strength, algorithmic trading and rate hike expectations – not by fundamentals.

In this month's letter, we look at:

• What caused June's correction — and what mining funds outperforming the commodities signals about where the strength really lies
• The mounting pressure on the U.S. debt burden, the Fed's softening tone, and the case for QE returning with the Fed as "buyer of last resort"
• Central banks continuing their 15-year gold buying streak — and why they're increasingly turning to an asset that carries no counterparty risk

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