Precious metals are in the eye of the storm right now. Geopolitical tension, the AI build-out, currency debasement, stimulus and rising deficits… each headline is further strengthening the case.

In this month's letter, we look at:

• Why silver miners are starting to outperform gold miners, and what this structural shift could mean going forward
• The two demand drivers shaping the metals market in 2026—the global arms race and the AI infrastructure build-out—and where the miners fit in
• COMEX positioning at one of its most extreme readings in 17 years, and what historic short-position levels have meant for the market in the past

Follow the link in the comments 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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Risk Information
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