Note: This text is a translation from the original language, German.

The raw material that is currently on everyone's lips is gold. For many, it has long been the epitome of capital preservation and security. And, of course, returns, which in the recent past have been on a par with the MSCI World Index and significantly above it.

However, many (precious) metals have now become a fundamental, elementary component of economic growth. Commodities play a central role, especially in future-oriented topics related to the Magnificent 7. Here, the focus is on lithium (batteries and storage media), gold (chips, data transfer), silver (photovoltaics), and copper (power lines, chargers), to name just a few.

And among the biggest beneficiaries are mines that produce the corresponding commodities.

In the webinar„Rohstoffe und wirtschaftliche Zukunftsthemen – Minen als Wirtschaftsmotor?“ (available in German) we show you how these topics are intertwined, take a look into the future, explain why “junior mines” are interesting, and present an opportunity to participate.

To view the recording: https://www.youtube.com/watch?v=hkuc-0QKBOQ&t=3s

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before making an investment decision, please consult a qualified financial advisor and review the official prospectus and the fund's key information document.

Note: This text is a translation from the original language, German.

Inflation, Debt, Geopolitics: Gold remains one of the world’s most discussed asset classes. But what truly drives its price? In this interview, commodity expert Dana Kallasch explains which macroeconomic and geopolitical trends are currently shaping the gold market—and why silver could become an underestimated leverage component in a portfolio.

Macro Trends: From Inflation to Industry

“A bit of everything,” answers Dana Kallasch when asked which factors currently determine the gold price. “Although interest rates have hardly had an influence recently.”

Gold remains primarily one thing: a safe haven and a statement. This applies equally to private and institutional investors.

On the buyer side, two strong trends stand out: On one hand, central banks around the world are expanding their gold reserves to support currencies and strengthen financial buffers. China and Poland are particularly active. On the other hand, private demand for physical gold, bars, and coins is also rising.

But gold is no longer just a crisis currency. “The industrial sector is currently creating an entirely new market for precious metals,” emphasizes Kallasch. “Whether AI, the energy transition, or big-data centers—none of it works without gold, silver, and other rare raw materials.”

Industry giants like Apple or Nvidia each consume around eight to ten tons of gold per year, a figure that impressively illustrates structural demand.

Geopolitics and De-Dollarization: Gold as a Power Instrument

Geopolitical tensions also play a central role. “The stable purchases by central banks and the ongoing demand for physical gold are clear indicators,” says Kallasch. The war in Ukraine, as well as the gradual process of de-dollarization, have further increased gold’s prominence.

Particularly striking: China’s massive buildup of physical gold reserves. “China wants to replace the U.S. as the world’s leading power in every respect,” says Kallasch.

To do so, the People’s Republic must back its currency reserves with gold. While Western industrialized nations secure 60 to 75% of their reserves with gold, China is currently estimated at under 10%. The catch-up potential is correspondingly large, as are its export restrictions: a licensing system effectively limits gold exports to zero.

Gold: Attractive Despite Tight Supply

For Western investors, gold remains highly attractive in Kallasch’s view. “Gold is needed in many different forms—as a safety reserve, but also in growing quantities industrially.”

China’s minimal exports have been known for years and don’t make the metal riskier, but rather more valuable. “Scarcity supports the price, and a high gold price also enables the development of smaller deposits worldwide.”

While annual new production stood at 3,100 tons at a gold price of USD 1,200 per ounce ten years ago, today it is only around 400 tons more—about 3,600 tons at a price of over USD 4,000 per ounce. A very moderate increase of only about 1.5% per year despite massively higher prices.

Strategies in Focus: Sustainable Mining Investments

As fund managers, the team at Commodity Capital AG invests directly in mining projects worldwide. “Economic metrics such as gold content, extraction costs, and infrastructure are vital—but so are soft factors: local community acceptance, the management team, and the approach to sustainability.” ESG is a sensitive topic in the raw materials sector. “For us, sustainability isn’t an either-or, but a win-win and an important part of risk management.” Kallasch cites several examples:

Environment: More and more mines rely on solar or hydropower. In many countries, new licenses are only issued when a reforestation plan is submitted.

Social: Fair wages prevent exploitation and promote stability.

Governance: Clear anti-corruption guidelines reduce long-term costs and risks.

Kallasch emphasizes: “We don’t invest in politically unstable regions or countries with child labor. For that reason, most African countries are not an option.” Instead, the focus is on North America, Australia, Europe, and selected projects in Central and South America.

Silver: The Underrated Precious Metal

Beyond gold, Kallasch sees great potential in silver. “About 60% of global silver production flows into industrial applications—around 35% into electronics, 25% into photovoltaics.”

Silver is both a store of value and the “poor man’s gold.”

The market is tight: global silver consumption has exceeded mine and recycling production for years; inventories are shrinking rapidly. “Limited resources with rising demand—that’s a classic, lucrative combination,” says Kallasch.

Pure silver mines are rare, but that rarity makes silver particularly exciting in the long term.

Outlook: Gold at $10,000?

What comes next? “Anyone who still has little or no precious metal in their portfolio is not too late,” says Kallasch. “We’re only at the beginning of a new commodity rally.”

Her fund focuses on mining stocks rather than physical gold—an additive, diversifying component for any portfolio.

And regarding the famous ‘Gold at $10,000’ prediction? “An ounce of gold will certainly reach 10,000 US dollars,” she says with a smile. “Only when—that’s the interesting question.”

Conclusion: Gold and silver remain a fascinating interplay of emotion, geopolitics, and industrial necessity. Between safe haven, strategic currency reserve, and future-critical raw material, they reflect the tectonic shifts in the global economy and will continue to occupy both investors and analysts for years to come.

Note: This text is a translation from the original language, German.

Thank you very much for participating in our recent webinar. Here you will find a concise summary of all the documents and key content:

Webinar recording (in German): https://www.youtube.com/watch?v=oCBCaLNPm3k&t=65s

Presentation by hep solar: Download presentation

Further information: https://www.hep.global

Presentation by Commodity Capital: Download presentation

Further information: https://www.commodity-capital.com

Key findings:

• Current trends and price developments in the commodities market

• Importance of critical commodities for solar and storage projects

• Investment approaches to future commodities, solar parks, and battery storage

• Market assessments by Dana Kallasch and Sabine Spohr

Please do not hesitate to contact us if you have any questions or would like to discuss the topic in more detail. We look forward to further exchanges.

Kind regards

Sabine Spohr & Dana Kallasch

Note: This text is a translation from the original language, German.

MISSED THE WEBINAR? | Is it possible to invest conservatively and almost independently of the stock market in the commodities sector?

We are pleased to announce that the recording of the webinar “Is it possible to invest conservatively and almost independently of the stock market in the commodities sector?” is now available. For those who were unable to attend live, this is an excellent opportunity to learn more about the distinctive investment strategy of Structured Solutions Resource Income Funds.

In this webinar, Michael Kopf, Head of Sales for Germany and Austria at Commodity Capital AG, explains how you can invest in innovative investment strategies that stabilize your portfolio while opening up attractive return opportunities.

Speaker: Michael Kopf, Head of Sales for Germany & Austria, Commodity Capital AG

Moderator: Dana Kallasch, CEO, Commodity Capital AG

Fund in focus: Structured Solutions Resource Income Fund

(WKN: A2AT4F | ISIN: LU1510784512)

To view the recording (in German): https://www.youtube.com/watch?v=8Js7FwEEBnQ

If you want to rethink bonds, tune in. We look forward to your participation!

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before making an investment decision, please consult a qualified financial advisor and review the official prospectus and the fund's key information document.

Note: This text is a translation from the original language, German.

Dana Kallasch, CEO of Commodity Capital AG, joined the speakers at the Alpha Star webinar “Out of the Box – Investing Beyond the Classics,” where she discussed the future of precious metals.

Learn how new technologies and innovative approaches are changing gold and silver. Find out why these markets continue to offer strategic opportunities for investors – and how the Commodity Capital Global Mining Fund is specifically benefiting from this.

The recording is available here (49:00, only in German): https://next.edudip.com/de/webinar-aufzeichnung/804e10f4-d5d5-4414-8d6e-1ee44654b057

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before making any investment decision, please consult a qualified financial advisor and review the official prospectus and key investor information document for the fund.

Note: This text is a translation from the original language, German.

Record-Breaking Returns: The Global Mining Fund Sets New Standards

The Sharpe Ratio has long been considered one of the most important metrics for investors. It relates an investment’s excess return to its risk. In theory, it provides guidance on whether an investment “paid off” — the higher the value, the more attractive the investment.

In practice, however, the metric often reaches its limits. A recent example comes from the Commodity Capital Global Mining Fund: on a monthly basis, it recently achieved a Sharpe Ratio of 97.65. At first glance, this figure seems spectacular — but on closer inspection, it mainly reveals how distorted short-term figures can be.

Strong Performance Over the Long Term

Viewed over the long term, the fund delivers convincing performance: over twelve months, its Sharpe Ratio stands at 4.63 — a value considered exceptional in the fund industry. This figure demonstrates that the fund combines high returns with controlled risk, delivering such a strong risk-adjusted performance that even conservative investors take notice.

For comparison: typical funds have Sharpe Ratios between 0.5 and 2.0; values above 3 are already considered outstanding. At 4.63, the Commodity Capital Global Mining Fund is well above this benchmark, positioning itself as a leader in commodity and mining investments.

Caution with Short-Term Figures

Monthly figures like 97.65 can easily lead to misunderstandings. They may suggest near-magical excess returns or be misleading — distracting from the fund’s actual, sustainable performance. Longer-term perspectives — over one to three years or more — give a more realistic picture of performance, highlighting consistent management and a robust strategy.

Conclusion: An Investment That Delivers

The Commodity Capital Global Mining Fund is a prime example that excellent performance isn’t always reflected in a single metric. With an annual Sharpe Ratio of 4.63, it delivers a stable, risk-adjusted excess return, making it an attractive option for investors seeking long-term value growth in commodity and mining equities.

In short: Those who look beyond short-term figures will recognize a fund with clear strengths, above-average performance, and sustainable risk control.

Note: This text is a translation from the original language, German.

The rise in gold prices to over $3,500 per ounce in September has created an environment for mining stocks that is more attractive than it has been in over a decade. With an annual increase of nearly 40%, gold has become the central driver of margin expansion, balance sheet strengthening, and new investor inflows. The key question is no longer whether precious metals can maintain their upward trend, but which producers can convert this market environment into sustainable shareholder value.

Geopolitics, Central Banks, and Industry Tailwinds

Gold continues to hold its ground as a safe haven. China alone added another 12.8 tons to its reserves in the first quarter of 2025. At the same time, Indian demand for jewelry and investment continues to support consumption. These flows anchor the bullion markets and provide mining companies with planning security.

Central bank gold purchases have now become a structural demand factor, reinforced by the search for alternatives to the U.S. dollar in an increasingly fragmented global economy. While Bitcoin mainly attracts speculative capital, gold remains indispensable for institutions and central banks. Without this competitive dynamic, gold prices could already be above $4,000 today.

Debt, Inflation, and Mining Cash Flows

Global debt has reached $324 trillion, according to the IIF and Reuters, while fiscal expansion in the U.S. and Europe continues. Since much of this debt is consumption-driven, confidence in fiat currencies is waning. Gold and silver benefit as proven stores of value in this environment.

For mining companies, higher gold prices mean far more than rising revenues: margins expand significantly. Many companies are using the additional cash flows to reduce liabilities, increase dividends, and execute share buybacks. The crucial factor remains capital discipline. Only those who avoid overpaying for acquisitions or engaging in unnecessary hedging can achieve above-average long-term returns.

Investor Trends: ESG and Selective Investment

Inflows into gold mining ETFs have increased in 2025. Nevertheless, stock selection remains crucial. ESG criteria have become a key factor for investors. Companies with clear climate strategies, solid labor standards, and credible local community engagement enjoy higher investor trust and better access to capital.

Smaller and mid-sized producers often lack formal ESG ratings. In these cases, site inspections, safety analyses, and detailed labor condition assessments are essential. Interestingly, ESG scores often improve immediately after acquisitions by larger companies—even when on-the-ground practices change little. This illustrates that ESG reports often have more formal than substantive impact, yet they still significantly influence capital costs.

Silver, Platinum, and Equity Opportunities

Silver remains a bright spot. Prices rose 21% in 2024, driven by investment flows and growing industrial demand, particularly from solar energy. Structural supply deficits support the outlook for further price increases. Since there are few pure silver producers, by-product production from gold and base-metal mines offers additional upside potential.

Platinum and palladium are also back in focus. New M&A activity and reactivated projects create opportunities. Mid-tier producers with strong balance sheets, in particular, stand to benefit from this momentum and possess significant return potential if industrial demand exceeds expectations.

Outlook: Catalysts and Stock Implications

The fundamental drivers for precious metals remain intact: central banks are building reserves, geopolitical tensions are intensifying, and supply is constrained by declining ore grades and below-average investment. Even though some funds may take profits after the rally, the structural trend remains clear: declining production rates, geopolitical uncertainties, and the gradual move away from the U.S. dollar support the market. A gold price of $4,000 per ounce by mid-2026 is realistic.

- Mining stocks are ideally positioned to benefit from this environment:

- Large-cap companies offer stability and ongoing income.

- Mid-tier producers benefit disproportionately from rising prices.

Developers remain a high-risk, high-reward segment.

After years of skepticism, the traditional leverage of mining stocks to gold—often three to five times—has become apparent again. Funds such as the Commodity Capital Global Mining Fund, which has already gained nearly 50% in 2025, highlight the substantial catch-up potential compared to physical gold.

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Before making any investment decision, please consult a qualified financial advisor and review the official prospectus and key information document for the fund.

Note: This text is a translation from the original language, German.

Commodity Capital expands fund offering with clean share class for private investors

Commodity Capital AG is responding to growing demand for fee-based investment solutions:

The new clean share class of the Commodity Capital – Global Mining Fund B (LU1858078600 / A2JRME) is now available.

- No ongoing sales commissions

- Transparent cost structure – ideal for service fee models and fee-based advice

- Flexible front-end load – can be waived entirely upon request

Dana Kallasch, CEO of Commodity Capital AG:

“With this tranche, we are creating a targeted solution for retail distribution. We are pleased to offer advisors a clearly structured fund offering with no ongoing fees.”

Subscription period: from now until August 15, 2025

First NAV determination: August 18, 2025

Please do not hesitate to contact us if you require further information or documentation.

Legal notice: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. Please consult a qualified financial advisor before making any investment decisions and review the official prospectus and the fund's key information document.

Note: This text is a translation from the original language, German.

Commodity Capital – Global Mining Fund ranks among the top performers in the 10-year ranking

Quality pays off in the long term. Based on price data from July 30, 2025, Commodity Capital – Global Mining Fund – P (A0YDDD) is the best EUR fund with a cumulative total return of +265.77% (13.85% p.a.), placing it in an outstanding third place in the FVBS peer group “Equity Funds Commodities.” . This comprises 77 funds with 262 share classes and represents assets of EUR 18.74 billion.

The Commodity Capital – Global Mining Fund – CHF (A1J9GP) ranks an excellent 2nd with a total of +301.75% (14.92% p.a.).

Also in the top 10 funds is Structured Solutions SICAV – Next Generation Resources Fund – A (HAFX4V) in 9th place with +187.15% (11.12% p.a.).

This means that Commodity Capital AG was able to place three of its funds specializing in small and mid-cap mining stocks in the top 10 as of July 30, 2025 – an outstanding result for the Swiss asset manager and boutique fund provider! Mining stocks are also worthwhile for long-term investments.

You can find out more about our investment strategy and the fund on our website: www.commodity-capital.com

Source: FVBS, figures according to BVI method, without guarantee.

Legal notice: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. Before making an investment decision, please consult a qualified financial advisor and review the official prospectus and the fund's key information document.

Note: This text is a translation from the original language, German.

Commodity Capital - Global Mining Fund | As a specialist in commodity companies, Commodity Capital AG invests specifically in junior companies through its Global Mining Fund and is therefore at least part of the merger playing field.

After the global economic slowdown and rising interest rates recently hampered mining and takeover activities, we have seen a significant recovery since the beginning of the year, as well as an increase in takeovers and mergers.

We are looking at the mood among mining companies and the ability of management to take advantage of these movements.

In a webinar hosted by Drescher & CIE AG, Dana Kallasch (Commodity Capital AG) and Hans Poschart (DRESCHER & CIE AG) discussed the current situation in the mining sector, the role of active fund strategies in this market environment, and how company management is dealing with the changing environment.

The recording is available here in German: https://diefondsplattform.de/mediathek/detail/m/commodity-capital-global-mining-fund-1

Legal notice: This content is for informational purposes only and does not constitute financial advice or investment recommendations. Please consult a qualified financial advisor before making any investment decisions and review the official prospectus and key information document for the fund.