The Institutional Risk Analyst

We have updated the WGA Precious Metals Top 25 for June 2026. Many of the gold funds are down for the year, having given up the gains seen in 2026 in the face of triple digit returns for AI related stocks. As we noted last week in “The Wrap,” when AI stocks are soaring and interest rates are rising, precious metals typically retreat. It's all about short-term yields and chasing the shiny object.

Many of the changes to the US Treasury and REPO markets that were predicted in our comment this past May are coming to fruition.

The IRA is writing today from Camp Kotok, which is held each year at Leen’s Lodge in Grand Lake Stream, Maine. We are in Washington County, which is on the border of New Brunswick, Canada, and about 200 miles north of Bangor up Rt 9. This is Down East Maine, the land of Thoreau with rolling hills and lots of beautiful rivers and lakes.