Monthly letter October 2026

2026-11-06 10:10:00

October gave one of the toughest months for gold in modern memory, followed by a turn after the US midterm elections. Continued expectations of rate hikes have created a situation where the market has read them as bad news for gold, even though gold has risen through every recent hiking cycle.

Following the US midterm elections, the dollar and US interest rates have already started to ease, helping to lift gold, silver and the mining companies. At the time of writing, gold is back above USD 4,000.

In this month’s letter, we look at:

A dollar that has lost 90% of its value twice, measured in gold, and why we believe a third is on its way
Why small 0.25-point hikes cannot tame inflation driven by supply, and what a negative real interest rate means for gold
“Artificial money” for artificial intelligence – how the AI build-out may need the printing presses, and why both depend on metals

Follow the link to read the full letter!

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