All themes
Gold
66 managers wrote about this in 88 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2024 Q40% of 30
- 2025 Q15% of 40
- 2025 Q22% of 88
- 2025 Q38% of 88
- 2025 Q48% of 129
- 2026 Q13% of 137
- 2026 Q23% of 709
- 2026 Q34% of 863
- 2026 Q44% of 73
- Spheria Australian Microcap FundOct 2026
Resources were the weakest part of the market, with the Small- cap resources index down 14% for the month, driven in large part by a falling gold price.
Read the letter → - Lowell Resources FundOct 2026
Higher gold prices also improved the viability of lower-grade deposits, leading to an uptick in new developments.
Read the letter → - Spheria SMID Cap FundOct 2026
Resources were the weakest part of the market, with the Small-cap resources index down 14% for the month, driven in large part by a falling gold price.
Read the letter → - L1 Capital Gold Fund LimitedSep 2026
The LGF portfolio increased 28.4% in the September quarter, as the U.S. dollar gold price rose 3.7% (see Figure 1).
Read the letter → - Baron Emerging Markets FundSep 2026
We are positive on gold prices, as central banks continue to diversify reserves and geopolitical tensions keep demand for safe-haven assets elevated, and we also expect a decline in real yields.
Read the letter → Australian Companies Fund September 2026 Quarterly Key Contributors and Detractors Newmont and Northern Star rallied strongly despite only modest help from the underlying gold price.
Read the letter →Whilst there was no specific news flow, the stock likely benefitted from the significant increase in the gold price.
Read the letter →- Antipodes Global FundSep 2026
Favourable copper and gold prices support original equipment demand, while declining ore grades require miners to process more material, increasing equipment utilisation, wear part consumption and replacement demand.
Read the letter → - Steyn Capital Equity Prescient FundSep 2026
Pan African Resources reported full year earnings, with revenue doubling and headline earnings per share tripling, driven by strong production growth and a robust gold price.
Read the letter → - L1 Capital Long Short FundSep 2026
Gold stocks initially benefited from a rally in the gold price in August, although higher bond yields and U.S. dollar strength unwound much of this move later in the quarter.
Read the letter → We believe Gold.com is the only fully vertically integrated precious metals platform in the U.S., spanning two company-owned private mints, a wholesale desk that is among the largest buyers of U.S. Mint products, roughly 15 direct-to-consumer brands led by JM Bullion, and storage, logistics, and secured lending.
Read the letter →- Ryder Capital LimitedSep 2026
Late September saw the shares pare back much of these gains alongside a slightly weaker gold price, however as we have noted previously, Chrysos’ earnings are driven far more by production volumes and conversion of laboratories away from fire assay rather than exploration activity and the gold price itself.
Read the letter → - AcatisSep 2026
Agnico- Eagle and Newmont benefited from the resurgent gold price, which at times traded close to its record highs.
Read the letter → - Steyn Capital Management SA Equity Long Only StrategySep 2026
Pan African Resources reported full year earnings, with revenue doubling and headline earnings per share tripling, driven by strong production growth and a robust gold price.
Read the letter → - Malborough UK Micro-Cap GrowthSep 2026
Pan African Resources (+48%), the gold mining company, rose on limited news flow but likely benefitted from the significant increase in the gold price during the month.
Read the letter → Tsutsumi’s correlation to the gold price (company inventories, we estimate largely in gold, equate to c.80% of the current market capitalisation) also played a part, with the gold price stagnating in Q2 and Q3 after hitting all-time highs earlier this year.
Read the letter →The strategy's only precious-metals exposure is OR Royalties, a royalty company we purchased early in the quarter, whose shares rose 8.9% over the period; the strategy owns no gold miners and no Information Technology companies.
Read the letter →Stock selection in the materials sector positively contributed to overall performance as gold producer Newmont rose with gold prices and reported strong free cash flow.
Read the letter →- Glennon Capital Small Companies PortfolioSep 2026
With house prices falling and household spending slowing, investors continued to move away from domestically exposed small caps, while softer copper and gold prices removed the support resources had provided in August.
Read the letter → - Fairtree Asset Management Global Equity FundSep 2026
Gold rose 3.3% over the quarter, as a strong August rally that pushed gold prices above US$4,400 an ounce was partly reversed in September by higher yields and a firmer dollar.
Read the letter → Materials detracted; Vulcan Materials Company (VMC), our only holding in the sector, fell 17%, while the sector's gains came from gold miners we do not own.
Read the letter →Eldorado Gold benefited from a firmer gold price over the quarter and continued progress on its development projects, which should lift production and lower costs over the next few years.
Read the letter →- Nexus Investment Management ULCSep 2026
Technology, led by Shopify, and Materials, led by gold miners, accounted for most of the gain, with Energy also contributing positively.
Read the letter → An improving economy and strong copper and gold prices should further support credit demand after the recent decade of political uncertainty (when Peru had eight different presidents) weighed on investment.
Read the letter →- Glennon Small Companies LimitedSep 2026
With house prices falling and household spending slowing, investors continued to move away from domestically exposed small caps, while softer copper and gold prices removed the support resources had provided in August.
Read the letter → - PM Capital Global Companies FundAug 2026
Gold miners Newmont (+35%) and Northern Star (+18%) benefited from strength in the gold price and stock specific re-rating following earnings and strategic announcements.
Read the letter → A clear beneficiary of government indebtedness is the gold price which after pulling back aggressively since February, rebounded strongly in August from a low of ~US$4,000/oz to US$4,600/oz before easing post month.
Read the letter →The Materials sector rallied nearly 10%; gold prices rose sharply as investors seemed concerned that the US Fed may not take action to curb inflation.
Read the letter →- Ruffer Total Return FundAug 2026
As a result, our gold mining exposure was a key contributor to returns, with the reduced position size still capable of contributing almost 1% to performance in August.
Read the letter → - Guinness Multi-Asset FundsAug 2026
If we are correct that China is indeed a long-term buyer, it will likely view pullbacks in the gold price as attractive opportunities to add to its holdings.
Read the letter → - WS Ruffer Diversified Return FundAug 2026
As a result, our gold mining exposure was a key contributor to returns, with the reduced position size still capable of contributing almost 1% to performance in August.
Read the letter → - Ruffer Total Return InternationalAug 2026
As a result, our gold mining exposure was a key contributor to returns, with the reduced position size still capable of contributing almost 1% to performance in August.
Read the letter → Canada rose 3.7%, helped by strong gains in the Materials sector, which rose double digits; gold prices increased sharply as investors seemed concerned that the US Fed may not take action to curb inflation.
Read the letter →- WS Ruffer Total Return FundAug 2026
As a result, our gold mining exposure was a key contributor to returns, with the reduced position size still capable of contributing almost 1% to performance in August.
Read the letter → - Harding Loevner Global EquityAug 2026
The Materials sector rallied double digits; gold prices rose sharply as investors seemed concerned that the US Fed may not take action to curb inflation.
Read the letter → - Ruffer Charity Assets TrustAug 2026
As a result, our gold mining exposure was a key contributor to returns, with the reduced position size still capable of contributing almost 1% to performance in August.
Read the letter → - Ruffer Investment Company LimitedAug 2026
As a result, our gold mining exposure was a key contributor to returns, with the reduced position size still capable of contributing almost 1% to performance in August.
Read the letter → - TM Ruffer Portfolio FundAug 2026
As a result, our gold mining exposure was a key contributor to returns, with the reduced position size still capable of contributing almost 1% to performance in August.
Read the letter → Our longstanding investment thesis is that valuations of gold equities do not sufficiently reflect underlying gains in the gold price over the past few years.
Read the letter →- Guinness Multi-Asset FundsJul 2026
If we are correct that China is indeed a long-term buyer, it will likely look at pullbacks in the gold price as attractive opportunities to add to its holdings.
Read the letter →
Showing the 40 most recent of 88 letters.