Placera | "Weakest gold quarter in 13 years – fund manager predicts new all-time highs"

In this article, Placera examines the second quarter of 2026, in which the gold price fell by just over 15% – its weakest quarterly performance since 2013. Eric Strand, founder and fund manager at AuAg Funds, is interviewed about the factors behind the decline, pointing to shifting interest rate expectations and a stronger US dollar. The article also discusses which metals may be influenced by longer-term themes such as electrification and defence spending. It concludes with a table comparing how 17 commodity funds performed over the past three and twelve months.

Valuable Insights:

• When markets begin pricing in interest rate rises from the Federal Reserve, the US dollar tends to strengthen – a dynamic that historically creates headwinds for gold and silver, since both are priced in dollars.
• Time horizon shapes the picture: despite the sharp quarterly decline, gold remained up 24% and silver over 70% on a one-year basis, showing how differently the same market can appear depending on the period measured.
• Rising government debt and budget deficits are the structural drivers for precious metals, while industrial metals such as copper and uranium are linked to longer-term themes like electrification and defence investment.