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The Dutch central bank has moved roughly $11.6 billion worth of gold (1) out of the United States and Canada as "increasing geopolitical unrest" pushes another European country to strengthen its "crisis preparedness."
Between March and August, De Nederlandsche Bank transferred 86 metric tonnes (2) of bullion from New York and Ottawa to London, where gold can be traded more quickly during an emergency.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
JPMorgan sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Get your free guide from Priority Gold

#finance #dutch

The Abrdn Physical Silver Shares ETF (NYSEMKT:SIVR) provides direct exposure to the price of physical bullion, while iShares MSCI Global Silver and Metals Miners ETF (NYSEMKT:SLVP) targets the equity performance of companies involved in silver extraction.
These two funds offer distinct ways to play the silver market. Investors choosing between them may decide if they prefer the direct exposure of a physical commodity or the potential of mining companies. While the metal price drives both, the mining stocks are also subject to operational costs, management decisions, and broader equity market trends.
Metric
SLVP
SIVR

#silver #slvp #Companies

Sept 03, 2026, 12:20 pm EDT
Gold investors were caught by surprise this week as the Netherlands concluded a months-long operation to remove billions of dollars worth of bullion from the U.S. and Canada as it prepares for a potential “crisis situation” that could impact global trading.
Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
The German car maker has an impeccable balance sheet and a great new electric-vehicle platform. Its profit margins should rebound.

#netherlands #jones #company

Our ******* ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Nobody announces that they've stopped trusting you. They just start moving things out on weekday afternoons, a carload at a time, and by the time you notice, the good coat is already somewhere else. Central banks do this too but their subtle breaking up with you involves armored trucks, an ocean, and a press release that leans very hard on the word "logistics."
Between March and August, the Dutch central bank moved 86 tonnes of gold out of New York and Ottawa and into London. It called the project "crisis preparedness" and cited "increasing geopolitical unrest," which is central banker for saying the quiet part at a normal indoor volume.
De Nederlandsche Bank, DNB to its friends, closed 2025 sitting on 612.4 tonnes of gold worth €72.2 billion ($83.7 billion). About 31.3% of it lived in New York and another 19.7% in Ottawa, roughly 313 tonnes parked in North America. The 86 tonnes that left is a bit more than a quarter of that pile.
Roughly 59 tonnes never went anywhere at all. DNB sold that gold in New York and bought the same quantity in London, which is the bullion version of Venmo-ing a friend instead of driving across state lines with a duffel bag. The other 27-odd tonnes actually traveled, first from New York and Ottawa to DNB's own vault in the Dutch town of Zeist, then an equivalent amount from Zeist onward to London. The gold, in other words, flew with a layover. Structuring it that way let the bank skip melting down and re-casting bars to meet London's standards, which costs real money and carries the always-unwelcome risk of finishing the process with less gold than it started with.

#york #central #bank #roughly

First Eagle Investment Management, an investment management company, released its Q2 2026 investor update for "First Eagle Global Fund". The letter can be downloaded here. Easing tensions in the Middle East led to a strong rally in risk markets in Q2. The S&P 500 Index rose 15.2%, while the MSCI EAFE Index gained 10.8%. Growth stocks outperformed, with the MSCI World Growth Index significantly exceeding value returns. A notable shift in U.S. interest rate expectations followed Kevin Warsh's appointment as chair of the Federal Open Market Committee, pushing Treasury yields higher and strengthening the dollar. Despite the optimistic market environment, concerns about fiscal constraints and limited policy flexibility remain. Tighter credit spreads and elevated equity valuations reflect strong demand for financial ****** ets, with household wealth in equities at a post-WWII high. Earnings expectations are buoyant, driven by AI infrastructure developments. Against this backdrop, Global Fund A Shares returned 2.86% in Q2 2026, with emerging markets and developed Europe as the primary contributors. Developed Asia (excluding ****** an) was the only detractor, and ****** an lagged. Information technology and financials led among equity sectors, while materials and energy detracted. The fund underperformed relative to the MSCI World Index during this period. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, First Eagle Global Fund highlighted HCA Healthcare, Inc. (NYSE:HCA). HCA Healthcare, Inc. (NYSE:HCA) owns and operates hospitals and related healthcare entities. On August 31, 2026, HCA Healthcare, Inc. (NYSE:HCA) closed at $414.45 per share. HCA Healthcare, Inc. (NYSE:HCA) returned 3.42% over the past month, and its shares are up 2.05% over the past year. HCA Healthcare, Inc. (NYSE:HCA) has a market capitalization of $89.72 billion.
First Eagle Global Fund stated the following regarding HCA Healthcare, Inc. (NYSE:HCA) in its Q2 2026 investor letter:
"The leading detractors in the quarter were gold bullion, Charter Communications, Inc. Class A, HCA Healthcare, Inc. (NYSE:HCA), Exxon Mobil Corporation and Salesforce.com, Inc. HCA Healthcare is the largest for-profit hospital operator in the US, with a difficult-to-replicate network of large urban hospitals. Although the company reported sales and profit growth for its most recent growth, HCA reported that patient volumes grew at the low end of guidance, driven partially by declines in respiratory-related emergency room visits, inpatient surgeries and outpatient surgeries. A decrease in enrollment in both Medicaid and Affordable Care Act exchanges was also a headwind. We continue to view HCA's management as an effective steward of both operations and the balance sheet as it continues to return capital to shareholders through share buybacks."

#fund #first

First Eagle Investment Management, an investment management company, released its Q2 2026 investor update for "First Eagle Global Fund". The letter can be downloaded here. Easing tensions in the Middle East led to a strong rally in risk markets in Q2. The S&P 500 Index rose 15.2%, while the MSCI EAFE Index gained 10.8%. Growth stocks outperformed, with the MSCI World Growth Index significantly exceeding value returns. A notable shift in U.S. interest rate expectations followed Kevin Warsh's appointment as chair of the Federal Open Market Committee, pushing Treasury yields higher and strengthening the dollar. Despite the optimistic market environment, concerns about fiscal constraints and limited policy flexibility remain. Tighter credit spreads and elevated equity valuations reflect strong demand for financial ****** ets, with household wealth in equities at a post-WWII high. Earnings expectations are buoyant, driven by AI infrastructure developments. Against this backdrop, Global Fund A Shares returned 2.86% in Q2 2026, with emerging markets and developed Europe as the primary contributors. Developed Asia (excluding ****** an) was the only detractor, and ****** an lagged. Information technology and financials led among equity sectors, while materials and energy detracted. The fund underperformed relative to the MSCI World Index during this period. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, First Eagle Global Fund highlighted Charter Communications, Inc. (NASDAQ:CHTR). Charter Communications, Inc. (NASDAQ:CHTR) is a US-based broadband connectivity company. On August 31, 2026, Charter Communications, Inc. (NASDAQ:CHTR) closed at $152.44 per share. The one-month return of Charter Communications, Inc. (NASDAQ:CHTR) was -4.10%, and its shares lost -44.49% over the past 52 weeks. Charter Communications, Inc. (NASDAQ:CHTR) has a market capitalization of $26.69 billion.
First Eagle Global Fund stated the following regarding Charter Communications, Inc. (NASDAQ:CHTR) in its Q2 2026 investor letter:
"The leading detractors in the quarter were gold bullion, Charter Communications, Inc. (NASDAQ:CHTR), HCA Healthcare Inc., Exxon Mobil Corporation and Salesforce.com, Inc. Charter Communications is the second-largest broadband commu nications service company in the US, providing cable broadcasting, internet, voice and mass-media services. Cable providers in general remain under competitive pressure from mobile operators, which are scaling up entry-level fixed wireless service. We continue to view Charter as a high-quality business with difficult-to-replicate ****** ets that generate steady cash flows and returns cash to shareholders."

#charter #global #msci

First Eagle Investment Management, an investment management company, released its Q2 2026 investor update for "First Eagle Global Fund". The letter can be downloaded here. Easing tensions in the Middle East led to a strong rally in risk markets in Q2. The S&P 500 Index rose 15.2%, while the MSCI EAFE Index gained 10.8%. Growth stocks outperformed, with the MSCI World Growth Index significantly exceeding value returns. A notable shift in U.S. interest rate expectations followed Kevin Warsh's appointment as chair of the Federal Open Market Committee, pushing Treasury yields higher and strengthening the dollar. Despite the optimistic market environment, concerns about fiscal constraints and limited policy flexibility remain. Tighter credit spreads and elevated equity valuations reflect strong demand for financial ******* ets, with household wealth in equities at a post-WWII high. Earnings expectations are buoyant, driven by AI infrastructure developments. Against this backdrop, Global Fund A Shares returned 2.86% in Q2 2026, with emerging markets and developed Europe as the primary contributors. Developed Asia (excluding ******* an) was the only detractor, and ******* an lagged. Information technology and financials led among equity sectors, while materials and energy detracted. The fund underperformed relative to the MSCI World Index during this period. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, First Eagle Global Fund highlighted Charter Communications, Inc. (NASDAQ:CHTR). Charter Communications, Inc. (NASDAQ:CHTR) is a US-based broadband connectivity company. On August 31, 2026, Charter Communications, Inc. (NASDAQ:CHTR) closed at $152.44 per share. The one-month return of Charter Communications, Inc. (NASDAQ:CHTR) was -4.10%, and its shares lost -44.49% over the past 52 weeks. Charter Communications, Inc. (NASDAQ:CHTR) has a market capitalization of $26.69 billion.
First Eagle Global Fund stated the following regarding Charter Communications, Inc. (NASDAQ:CHTR) in its Q2 2026 investor letter:
"The leading detractors in the quarter were gold bullion, Charter Communications, Inc. (NASDAQ:CHTR), HCA Healthcare Inc., Exxon Mobil Corporation and Salesforce.com, Inc. Charter Communications is the second-largest broadband commu nications service company in the US, providing cable broadcasting, internet, voice and mass-media services. Cable providers in general remain under competitive pressure from mobile operators, which are scaling up entry-level fixed wireless service. We continue to view Charter as a high-quality business with difficult-to-replicate ******* ets that generate steady cash flows and returns cash to shareholders."

#NASDAQ #global #index #msci

First Eagle Investment Management, an investment management company, released its Q2 2026 investor update for "First Eagle Global Fund". The letter can be downloaded here. Easing tensions in the Middle East led to a strong rally in risk markets in Q2. The S&P 500 Index rose 15.2%, while the MSCI EAFE Index gained 10.8%. Growth stocks outperformed, with the MSCI World Growth Index significantly exceeding value returns. A notable shift in U.S. interest rate expectations followed Kevin Warsh's appointment as chair of the Federal Open Market Committee, pushing Treasury yields higher and strengthening the dollar. Despite the optimistic market environment, concerns about fiscal constraints and limited policy flexibility remain. Tighter credit spreads and elevated equity valuations reflect strong demand for financial ******* ets, with household wealth in equities at a post-WWII high. Earnings expectations are buoyant, driven by AI infrastructure developments. Against this backdrop, Global Fund A Shares returned 2.86% in Q2 2026, with emerging markets and developed Europe as the primary contributors. Developed Asia (excluding ******* an) was the only detractor, and ******* an lagged. Information technology and financials led among equity sectors, while materials and energy detracted. The fund underperformed relative to the MSCI World Index during this period. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, First Eagle Global Fund highlighted HCA Healthcare, Inc. (NYSE:HCA). HCA Healthcare, Inc. (NYSE:HCA) owns and operates hospitals and related healthcare entities. On August 31, 2026, HCA Healthcare, Inc. (NYSE:HCA) closed at $414.45 per share. HCA Healthcare, Inc. (NYSE:HCA) returned 3.42% over the past month, and its shares are up 2.05% over the past year. HCA Healthcare, Inc. (NYSE:HCA) has a market capitalization of $89.72 billion.
First Eagle Global Fund stated the following regarding HCA Healthcare, Inc. (NYSE:HCA) in its Q2 2026 investor letter:
"The leading detractors in the quarter were gold bullion, Charter Communications, Inc. Class A, HCA Healthcare, Inc. (NYSE:HCA), Exxon Mobil Corporation and Salesforce.com, Inc. HCA Healthcare is the largest for-profit hospital operator in the US, with a difficult-to-replicate network of large urban hospitals. Although the company reported sales and profit growth for its most recent growth, HCA reported that patient volumes grew at the low end of guidance, driven partially by declines in respiratory-related emergency room visits, inpatient surgeries and outpatient surgeries. A decrease in enrollment in both Medicaid and Affordable Care Act exchanges was also a headwind. We continue to view HCA's management as an effective steward of both operations and the balance sheet as it continues to return capital to shareholders through share buybacks."

#healthcare #NYSE #index

Bitcoin will overtake gold, and it could happen as soon as the next bull run, Binance founder Changpeng Zhao told a conference audience in Hong Kong on Thursday.
"I think Bitcoin will, for sure, become more important than gold," Zhao said during a session at Bitcoin Asia billed as "The Bitcoin Century," when asked whether the **** et would outrank bullion for sovereign holders.
The obstacle is institutional rather than technical, he argued. Large countries already have mechanisms for valuing gold and holding it, and replacing that apparatus takes years. For those countries to "shift into Bitcoin" will take time, but it will happen, he said, noting that the market value gap between gold and BTC has narrowed to roughly tenfold.
"I think Bitcoin will overtake gold pretty soon," he said, adding that, "In the next bull run, it could happen." Bitcoin, he added, is "just a much better **** et than gold," joking that long-time Bitcoin critic Peter Schiff would disagree.
Zhao told the audience he routinely advises governments to build a crypto reserve, and that his recommendation for how is "pretty simple and it's a little bit self-serving." Strip out stablecoins, take the five largest cryptocurrencies that remain, and weight them by market capitalization. That yields roughly 50% Bitcoin, 10% to 20% Ethereum, and a slice for BNB, the token of the exchange he founded.

#zhao #audience

Newmont Corporation (NYSE:NEM) shares climbed 7.9% to close at $125.08 on August 19 as gold gained more than 2% and traded near $4,516 per ounce. The gold rally coincided with Treasury bond buybacks, lower yields and a weaker dollar. Whether historically elevated bullion prices can continue outrunning higher mining costs is now the central question.
Newmont Corporation (NYSE:NEM) realized an average gold price of $4,414 per ounce in the second quarter. However, attributable gold production declined to 1.29 million ounces from 1.48 million ounces a year earlier. That combination leaves the company with exceptional commodity-price leverage but less support from production growth.
Newmont Corporation (NYSE:NEM) generated $2.2 billion of free cash flow, a non-GAAP measure, and ended June with $9.0 billion of cash, $13.0 billion of liquidity and $3.4 billion of non-GAAP net cash. The balance sheet gives management substantial flexibility to return capital without sacrificing investment in its mines.
Newmont Corporation (NYSE:NEM) also had $4.3 billion remaining under its $6.0 billion share-repurchase authorization. Continued buybacks at a time of strong cash generation could amplify the per-share benefit of elevated gold prices.
Newmont Corporation (NYSE:NEM) has considerable sensitivity to further bullion gains. Newmont's 2026 sensitivity ******* ysis estimates that every $100-per-ounce change in gold prices affects pretax revenue and costs by approximately $505 million. Second-quarter realized pricing exceeded Newmont's non-GAAP gold by-product all-in sustaining costs of $1,621 per ounce by approximately $2,793 per ounce.

#billion #cash #prices

GDX sits 22% below its peak despite gold at record $4,270, while GDXJ's junior miners deliver the operational leverage the seniors are missing.
GLDM tracks bullion at a lower cost than GDX, making it the cleaner choice for investors seeking a pure hedge over mining equity exposure.
Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor)
Gold trading near $4,270 should have been a coronation for VanEck Gold Miners ETF (NYSEARCA:GDX). Instead, GDX holders own a fund that has gained 76.34% over the past year, yet still sits roughly 22% below its 52-week high of $117.16. The gap between the metal and the miners is the core reason to own GDX, and that gap remains wide. A related VanEck product has historically closed it, and most GDX holders already know its name without owning it.
GDX is the default vehicle for gold-mining equity exposure. It holds the majors, with Newmont at 10.37%, Agnico Eagle at 10.12%, and Barrick at 6.01%, and the top 10 positions account for 56.30% of **** ets. Investors buy it because it turns a directional view on bullion into equity beta without picking a single miner. Fees are reasonable at 0.51%, and the fund carries a beta of 0.67 against the broader market, which is why it slots into diversification buckets. Those are the reasons GDX sits in so many portfolios.

#Gold #vaneck #bullion #mining

Newmont Corporation (NYSE:NEM) shares climbed 7.9% to close at $125.08 on August 19 as gold gained more than 2% and traded near $4,516 per ounce. The gold rally coincided with Treasury bond buybacks, lower yields and a weaker dollar. Whether historically elevated bullion prices can continue outrunning higher mining costs is now the central question.
Newmont Corporation (NYSE:NEM) realized an average gold price of $4,414 per ounce in the second quarter. However, attributable gold production declined to 1.29 million ounces from 1.48 million ounces a year earlier. That combination leaves the company with exceptional commodity-price leverage but less support from production growth.
Newmont Corporation (NYSE:NEM) generated $2.2 billion of free cash flow, a non-GAAP measure, and ended June with $9.0 billion of cash, $13.0 billion of liquidity and $3.4 billion of non-GAAP net cash. The balance sheet gives management substantial flexibility to return capital without sacrificing investment in its mines.
Newmont Corporation (NYSE:NEM) also had $4.3 billion remaining under its $6.0 billion share-repurchase authorization. Continued buybacks at a time of strong cash generation could amplify the per-share benefit of elevated gold prices.
Newmont Corporation (NYSE:NEM) has considerable sensitivity to further bullion gains. Newmont's 2026 sensitivity ***** ysis estimates that every $100-per-ounce change in gold prices affects pretax revenue and costs by approximately $505 million. Second-quarter realized pricing exceeded Newmont's non-GAAP gold by-product all-in sustaining costs of $1,621 per ounce by approximately $2,793 per ounce.

#newmont #prices #costs

By Sukanya Mitra
Aug 24 (Reuters) - Gold rose to its highest in more than three months on Monday, building on gains from last ‌week as a muted dollar boosted appeal, while investors awaited U.S. ‌inflation data and remarks from Federal Reserve Chairman Kevin Warsh this week for signals on the interest-rate path.
Spot gold was up 0.7% at $4,635.25 per ounce by 0838 GMT, hitting its highest level since May 15, while U.S. gold futures rose 0.2% to $4,691.10.
Bullion rose more than 5% last week after the U.S. Treasury Department's buyback support plan ‌pushed the dollar lower, making ⁠greenback-priced bullion more affordable for foreign investors.
"The consolidation of gold prices above $4,600, and the potential for further gains, will depend ⁠to a large extent on the U.S. dollar remaining under pressure and Treasury yields stabilizing at current levels or declining further," ActivTrades senior ***** yst Ricardo Evangelista said.

#highest #investors

By Polina Devitt
LONDON, Aug 17 (Reuters) - Gold's 9% rebound in August to around $4,400 an ounce suggests bullion is starting to regain favour with institutional investors ‌and central banks, leaving the market better placed to extend gains as it ‌moves beyond the initial shock of the U.S.-Israeli war with Iran.
The outbreak of the war in late February drove gold from a record high of $5,595 per ounce in January to below $4,000 in June as investors sought liquidity and some central banks tapped reserves to support domestic economies amid an oil price rally.
"It feels as though the handbrake has finally been released from gold," said Ross ‌Norman, an independent ****** yst.
Gold prices have ⁠broken above two key resistance levels this month, helped by lower oil prices and softer U.S. inflation data that reduced expectations for future ⁠rate hikes.

#Gold #central #polina

The comparison between abrdn Physical Silver Shares ETF (NYSEMKT:SIVR) and Goldman Sachs Physical Gold ETF (NYSEMKT:AAAU) centers on underlying commodity exposure, with the gold fund offering lower costs and historically lower volatility.
Investors often turn to precious metals as a hedge against inflation or market instability, seeking ***** ets that maintain value when paper currencies falter. While both exchange-traded funds provide direct exposure to physical bullion held in secure vaults, the choice between silver and gold involves different price dynamics, industrial utility, and risk profiles.
Metric
SIVR
AAAU

#lower #shares

By Pablo Sinha and Swati Verma
Aug 14 (Reuters) - Gold prices slipped on Friday and were headed for a weekly loss as investors locked in profits ‌a day after bullion was propelled to its highest level in more than ‌two months on mild U.S. inflation data that weakened the case for a near-term Federal Reserve rate hike.
Spot gold was down 0.5% at $4,330.70 per ounce, as of 0714 GMT. U.S. gold futures for December delivery slid 0.7% to $4,387.40.
Bullion climbed to its highest point since June 5 on Thursday, before settling lower, setting it on track for a weekly loss.
"There is some episodic and more speculative capital ‌that's maybe taking a bit ⁠of profit in gold, because there's not a near-term catalyst quite so potent immediately in front of us," said Ilya Spivak, head of ⁠global macro at finance content network Tastylive.

#Gold #weekly #sinha

The EMA GARP Fund, managed by Equity Management ****** ociates, recently released its second-quarter investor letter for 2026. The letter can be downloaded here. The letter emphasizes that capital expenditures in artificial intelligence (AI) are driving growth and earnings, despite extreme valuations in the U.S. market, which resemble a bubble-like situation. It also discusses the impact of passive ETF flows, fiscal deficits, and inflationary policies. For the quarter, the Fund's value decreased by 20.00%, and it is down 21.96% for the first half of the year, even though AI and related growth stocks were prominent during Q2. Additionally, the firm identified precious metals miners as a potentially strong investment, noting that they are significantly undervalued and present substantial asymmetrical opportunities. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, the EMA GARP Fund highlighted Aris Mining Corporation (NYSE:ARIS). Aris Mining Corporation (NYSE:ARIS) is a Canadian gold miner that engages in the acquisition, exploration, development, and operation of gold properties. On July 27, 2026, Aris Mining Corporation (NYSE:ARIS) closed at $14.86 per share, reflecting a market capitalization of $3.06 billion. Aris Mining Corporation (NYSE:ARIS) posted a one-month return of -0.34%, while its shares gained 106.68% over the past 52 weeks.
The EMA GARP Fund stated the following regarding Aris Mining Corporation (NYSE:ARIS) in its Q2 2026 investor update:
"The miners are way, way too cheap at present gold and silver prices. And their earnings outlook is robust at higher bullion prices given the substantial operating leverage. Miner industry profitability is as good as it's been at any point in the last 25 years. Two Miner Case Studies are outlined – Aris Mining Corporation (NYSE:ARIS) and Avino. Crazy cheap and massive asymmetry.
Aris is an emerging mid-tier producer with two operating mines in Colombia (Marmato and Segovia) and two large development projects, one in Colombia and one in Guyana. In 2025, they produced 257,000 ounces of gold. Their average selling cost was $3,526/ounce and their average mining cost (AISC) was $1,705/ounce. So, their gross mine profit was $467 million. In 2026, they have guided production between 300,000 and 350,000 ounces at similar costs. The mid-point of guidance equals a 26% growth in ounces produced. They have plans to increase the production in the existing mines after 2026 and their target is to become a 1 million ounce producer within 5 years. In the Q1 2026, they generated EBITDA of $212 million (a run rate of $800 million per year which is the same as the Bloomberg consensus estimates). So, the Company is trading at only 3.75x EBITDA. This compares favorably to the average EBITDA multiple of the S&P 500 which is currently 17x and even more so compared to the MAG-7 stocks which trade at an average multiple of 28x..." (Click here to r

The EMA GARP Fund, managed by Equity Management ******* ociates, recently released its second-quarter investor letter for 2026. The letter can be downloaded here. The letter emphasizes that capital expenditures in artificial intelligence (AI) are driving growth and earnings, despite extreme valuations in the U.S. market, which resemble a bubble-like situation. It also discusses the impact of passive ETF flows, fiscal deficits, and inflationary policies. For the quarter, the Fund's value decreased by 20.00%, and it is down 21.96% for the first half of the year, even though AI and related growth stocks were prominent during Q2. Additionally, the firm identified precious metals miners as a potentially strong investment, noting that they are significantly undervalued and present substantial asymmetrical opportunities. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, EMA GARP Fund highlighted Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) is a Canadian precious metal mining company that engages in the acquisition, exploration, and advancement of mineral properties. On July 24, 2026, Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) closed at $5.63 per share, reflecting a market capitalization of $986.77 million. Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) posted a one-month return of -10.21%, while its shares gained 69.07% over the past 52 weeks.
EMA GARP Fund stated the following regarding Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) in its Q2 2026 investor update:
"The miners are way, way too cheap at present gold and silver prices. And their earnings outlook is robust at higher bullion prices given the substantial operating leverage. Miner industry profitability is as good as it's been at any point in the last 25 years. Two Miner Case Studies are outlined – Aris and Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Crazy cheap and massive asymmetry.
Avino Silver and Gold is a mid-tier producer of mostly silver with some gold and copper credits. They operate two mines which share one mill in Mexico's Durango Province, a generally safe area free of cartel activity. In calendar 2025, they produced 2.6 million silver equivalent ounces at an average cost (AISC) of $23.75/ounce. With an average silver selling price of $44.70 per ounce during the year their average margin was $20.95/ounce. So, at the mine operating level they had contribution of $54 million. After SG&A, EBITDA for 2025 was $28.5 million. However silver prices today ($60/ounce) are substantially above last year's average price and in Q1 of 2026 they had EBITDA of $20 million. Bloomberg ******* yst's consensus for 2026 EBITDA is $80 million. So, the Company is trading at 12.5x EBITDA…." (Click here to read the full text)

#silver #Gold #fund #letter

In May, President Donald Trump said in an interview he was eager to open the vault at Fort Knox to ensure the U.S. reserves of gold—valued at more than $600 billion—were still there.
Trump was doubling down on plans he and Elon Musk, then-head of the Department of Government Efficiency (DOGE) made last year, calling on an audit of the reserves to delve into conspiracies that gold had been stolen.
Now, U.S. Treasury Secretary Scott Bessent is offering **** urance the cache of gold is indeed safe and sound—but is completely inconsequential to the value of the dollar today.
"The treasurer has been to Fort Knox," Bessent said in a recent Fox News appearance. "I am happy to say all gold is present and accounted for. The U.S. has the largest pile of gold in the world, over a trillion dollars at current market value."
Established in 1918 in Kentucky, Fort Knox was a key military installation for the U.S. through both World Wars and the Vietnam War. The Fort Knox Bullion Depository was added years later, holding much of the U.S. gold reserves beginning in 1937. Today it holds about 147.3 million ounces, worth about $608 billion, according to the U.S. Mint.

#World

SPDR Gold Shares (NYSEMKT:GLD) provides direct exposure to physical bullion price movements, while VanEck Gold Miners ETF (NYSEMKT:GDX) offers a play on the equities of gold mining companies.
Investors looking for a haven in gold often face a choice between owning the commodity directly or investing in the companies that extract it. While one fund tracks the price of physical bullion, the other provides exposure to the operational leverage and equity risks of mining businesses. This **** ysis examines how these two popular vehicles compare in cost, volatility, and performance.
Metric
GDX
GLD

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Earlier this year, France pulled off a financial maneuver that turned old gold into billions.
The strategy itself was relatively simple. Starting in mid-2025, France's central bank sold 129 metric tons of gold it had stored in New York and replaced it with newer, high-quality bullion held in Paris.
The result? A roughly €13 billion, or $15.1 billion, profit (1).
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Earlier this year, France pulled off a financial maneuver that turned old gold into billions.
The strategy itself was relatively simple. Starting in mid-2025, France's central bank sold 129 metric tons of gold it had stored in New York and replaced it with newer, high-quality bullion held in Paris.
The result? A roughly €13 billion, or $15.1 billion, profit (1).
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

Users of the Kalshi prediction market could soon bet on the price movements of gold (TVC: $GOLD) bullion.
Kalshi is seeking regulatory approval to offer perpetual future contracts tied to the price movements of gold, foreign currencies, and energy products such as crude oil.
Media reports say that Kalshi is in advanced discussions with U.S. regulators to introduce perpetual futures linked to traditional **** ets and commodities.
More From Cryptoprowl:
Ripple, The Company Behind XRP, Is Valued At $50 Billion

The S&P/ASX Small Ordinaries index was weaker on Wednesday, falling 43.70 points, or 1.27%, to 3,390.80.
The move extended recent weakness for the small-cap benchmark, which is now down 56.10 points, or 1.63%, over the past five trading days.
Several ASX-listed resource stocks have delivered operational, corporate and strategic updates this morning, with gold production, leadership appointments, project consolidation and critical minerals strategy among the key themes.
Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) produced 42,491 ounces of gold equivalent during the June quarter, covering the period from April 1 to June 30, 2026.
The company ended the quarter in a strong financial position, with cash of $432 million, bullion valued at $7 million and listed investments worth $15 million, taking total liquidity and investments to $454 million.

This article was originally published on ETFTrends.com.
Gold prices posted impressive weekly gains last week, fostering hope for better things for the commodity in the second half of 2026, following a trying first half of the year. Of course, a more substantive rally will benefit ETFs such as the WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). The actively managed ETF combines exposure to gold futures and large-cap domestic stocks. As some experts point out, bullion could be primed for a bounce, potentially benefiting GDE along the way, because markets may have mispriced the extent to which the Federal Reserve can be hawkish this year.
A prime example of that mispricing may well be the June jobs report, out last week. It wasn't terrible, but it wasn't as strong as expected, indicating that the Fed may do well to consider lowering borrowing costs. At a minimum, a slow jobs market makes it difficult for the central bank to consider tightening, which would pinch gold prices.
When interest rates are high, gold suffers because bonds look more attractive by comparison. Perhaps to the delight of GDE investors, that situation could change for the better in the second half.
"I think markets have fundamentally mispriced the Fed's next move," said deVere Group CEO Nigel Green. "The consensus view has become dangerously one-dimensional. "Investors have spent months pricing for a world of persistently high rates, a strong dollar and continued economic resilience. The risk now is that this entire framework begins to unravel."

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The smartest call on gold miners right now has almost nothing to do with the price of gold.
Gold has been the headline trade for two years. It sits near $4,140 an ounce as of June 23, after a record start to 2026 and a long slide into the summer, and the companies that dig it are sitting on piles of cash. Most investors still treat those miners as one thing, a pure bet on bullion.
A different metal is starting to drive the story, and it is buried in the same rock.
Artificial intelligence is straining the world's supply of copper, the wiring that carries power through every data center going up. Some of the biggest gold miners pull it out of the very same pits, which quietly ties a classic safe-haven trade to the most aggressive growth theme in the market.
Wall Street has started to act on it. Jefferies just put Barrick (B) on a short list of miners it wants clients to own, and the reason was copper, not the metal in the company's name.

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Silver (SI=F) July futures opened at $65.21 per ounce on Tuesday, 0.6% lower than Monday's closing price. The price of silver fell this morning to $62.05 per ounce as of 9:08 a.m. ET.
Silver prices are falling this morning as concerns over future rate hikes have eclipsed the progress in peace talks between the U.S. and Iran. Two major investment banks lowered their gold price expectations this year, underscoring how rising borrowing costs curb demand for precious metals. Furthermore, silver prices are struggling even more than gold prices:
While gold's rebound was short-lived, primarily due to investors reassessing the outlook for U.S. interest rates following last week's hawkish Federal Reserve meeting, silver has struggled even more than the bullion, said veteran commodities **** yst and Head of Commodity Strategy for Saxo Bank, Ole Hansen.
"The combination of higher bond yields, a firmer dollar, and expectations that policy rates may remain elevated for longer continues to challenge investor appetite for non-yielding **** ets," Hansen wrote in a post on Substack.

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Gold (GC=F) August futures opened at $4,210.80 per troy ounce on Tuesday, up 0.2% from Monday's closing price. The price of gold moved lower this morning to $4,134.90 per troy ounce as of 8:42 a.m. ET.
Gold prices appear to be losing some steam this morning after a stronger opening than on Monday. While peace talks appear to be progressing between the U.S. and Iran, future Fed pricing is driving some investment banks to reassess their gold price expectations for the year:
Bullion is now seen at $4,300 an ounce in the third quarter, down by more than a fifth from the prior outlook, and $4,800 in the final three months, down by 17%, Michael Hsueh, a research ****** yst, wrote in a note. Both of the revised targets still imply prices are expected to gain from current levels near $4,140, although they are markedly less bullish than before.
Deutsche Bank's less optimistic outlook echoes a move last week by Goldman Sachs Group Inc., which chopped $500 an ounce off its year-end forecast to $4,900 as it now sees no rate cuts by the US central bank this year.

It was seemingly unthinkable earlier this year as gold raced to new highs, but the yellow metal is now in the throes of a bear market. Using the SPDR Gold Shares (NYSEMKT: GLD), the largest gold-backed exchange-traded fund (ETF), as the measuring stick, bullion's bear market is confirmed by the ETF trading 22% below its 52-week high at the close of U.S. markets on June 16.
Not surprisingly, the commodity's slide is a serious drag on gold stocks. Just look at the VanEck Gold Miners ETF (NYSEMKT: GDX). The largest ETF dedicated to companies that extract gold from the Earth is some 25% off its 52-week high, joining its physical gold friends in the bear camp.
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The VanEck ETF's recent weakness is a reminder that, while mining stocks are closely correlated with gold prices, these equities, broadly speaking, have a track record of overshooting the commodity's price movements in both directions. Plus, gold miners, including those held by this ETF, are often more volatile than gold itself. All that said, this mining ETF may offer an opportunity for risk-tolerant investors.
The easy answer is that gold will regain its groove, and that could happen if the Federal Reserve cuts interest rates. The gold/rates relationship is easily explained. Physical gold or an ETF such as the aforementioned SPDR fund yields no dividends or interest payments to investors, so when Treasury yields are elevated, low-risk U.S. government debt is simply more enticing to many investors than no-income gold.