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Lawrence Lepard shared the release of the EMA Q2 Letter to investors, highlighting events that impacted market performance.
He stated that the Iran War and concerns about a hawkish Federal Reserve led to declines in gold, silver, and mining stocks during the second quarter of 2026. The fund experienced a 20% drop in this period.
Lepard previously provided updated projections in an interview expecting gold at $7,000, bitcoin at $180,000, and silver at $200. He has also warned that central bank shifts during periods of financial stress could boost inflation and support Bitcoin demand. The latest fund update follows a period of notable price swings across key asset classes.