--- title: "REG - Golden Prospect Prec Golden Prospect-GPSS - Monthly Investor Report - June 2026" type: "News" locale: "en" url: "https://longbridge.com/en/news/294225126.md" description: "Golden Prospect Precious Metals Ltd reported a 19.93% NAV decline in June 2026, outperforming major gold ETFs slightly. The drop was driven by macro factors, including hawkish Fed signals from Chair Kevin Warsh, a stronger dollar, and geopolitical tensions. Gold fell ~10.6%, while silver dropped 50% from Q1 highs due to industrial demand fears. Despite headwinds, central bank buying remains strong, supporting long-term structural demand." datetime: "2026-07-29T14:43:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294225126.md) - [en](https://longbridge.com/en/news/294225126.md) - [zh-HK](https://longbridge.com/zh-HK/news/294225126.md) generator: "portal-rs" --- # REG - Golden Prospect Prec Golden Prospect-GPSS - Monthly Investor Report - June 2026 RNS Number : 4337O Golden Prospect Precious Metals Ltd 29 July 2026 Golden Prospect Precious Metals Limited Monthly Investor Report - June 2026 The full monthly factsheet is now available on the Company's website and a summary can be found below. NCIM - Golden Prospect Precious Metals Ltd - Fund Page Enquiries: For the Investment Manager Manulife | CQS Investment Management Craig Cleland 0207 201 5368 For the Company Secretary and Administrator Apex Fund and Corporate Services (Guernsey) Limited James Taylor 0203 530 3600 ----------------------------------------------------------------------- Fund Description The objective of the Golden Prospect Precious Metals Fund is to provide investors with capital growth from a group of companies in the precious metals sector. Portfolio Managers Diana Racanelli and Craig Bethune. Key Advantages for the Investor · Access to under-researched mid and smaller companies in the precious metals sector · Potential inflation protection from precious metals assets · Low correlation to major asset classes Key Fund Facts1 Total Gross Assets: £136.9m Reference Currency: GBP Ordinary Shares: 81,569,526 Net Asset Value: 100.74p Mid-Market Price: 93.20p Net gearing: 16.49% Discount: (7.48%) Ordinary Share and NAV Performance2 One Month Three Months One Year Three Years Five Years (%) (%) (%) (%) (%) NAV (19.93 (13.76) 46.62 183.93 82.33 Share Price (15.08) 6.39 60.14 240.64 86.03 Commentary3 The Company's NAV declined 19.93% in June, slightly lower than the VanEck Gold Miners and VanEck Junior Gold Miners ETFs, which declined 14.20% and 15.76%, respectively. June marked a significant turning point for the precious metals. Gold entered June near $4,540/oz and exited near $4,008/oz, down roughly 10.63% on the month and nearly 7.48% year-to-date. Silver followed suit with sharp drawdowns, particularly in the back half of the month. The drivers were largely macro in nature: the volatile escalation and subsequent de-escalation of the US-Iran conflict continued to weigh on the metal, and trade-related tensions reduced demand for risk-off assets. While geopolitical risk and trade uncertainty remained elevated, gold's response was often asymmetric. Market dynamics were increasingly influenced by interest rate expectations, real-yield volatility, and positioning, with intraday moves reflecting rapid changes in the macro sentiment. At the centre of monetary policy, U.S. Federal Reserve Chair Kevin Warsh's first FOMC meeting was notably hawkish, with a pledge to restore price stability contributing to higher yields and a stronger dollar. A stronger dollar directly pressures precious metals as they not only compete against dollar-denominated yielding assets but also become more expensive for non-USD buyers. Still, gold continues to benefit from strong global central bank purchases and, despite the recent pullback, trades at elevated levels, supporting relatively healthy producer margins despite rising input and operating cost pressures. While oil price volatility continues to trend higher amid disruptions in the Middle East, the broader economic implications of elevated energy costs could prove supportive of precious metals over time. Nevertheless, gold's defensive characteristics have been overshadowed; the structural demand pillars underpinning gold's multi-year rally remain intact despite recent macro headwinds. Looking ahead, the de-dollarisation and debasement trades should keep demand resilient, with central banks continuing to add to reserves in June. Silver experienced a sharper decline, falling 50% from its all-time high in the first quarter of 2026 when prices reached near US$122 in late January, and down 18% year-to-date. Like gold, silver prices suffered from a shift in U.S. Federal Reserve rate-cut expectations toward potential increases. Because approximately half of silver demand comes from industrial use, silver was more heavily impacted than gold by fears of a global growth slowdown. Golden Prospect Precious Metals Limited Gross Leverage5 (%) 118 Commitment Leverage6 (%) 118 Manulife | CQS Investment Management 4th Floor, One Strand, London WC2N 5HR, United Kingdom T: +44 (0) 20 7201 6900 | F: +44 (0) 20 7201 1200 Tavistock Communications 18 St. Swithin's Lane, London EC4N 8AD T: +44 20 7920 3150 | goldenprospect@tavistock.co.uk Sources: 1,2 CQS as at the last business day of the month indicated at the top of this report. Performance is net of fees and expenses. New City Investment Managers took over the investment management function on 15 September 2008. These include historic returns and past performance is not a reliable indicator of future results. The value of investments can go down as well as up. Please read the Important Information section at the end of this document. 3 All market data is sourced from Bloomberg unless otherwise stated. The Fund may since have exited some / all the positions detailed in the commentary. 5 For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated Regulation 231/2013. 6 For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated Regulation 231/2013. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. 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