Monthly Investor Report - January 2026

Golden Prospect Precious Metals Limited

Monthly Investor Report - January 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

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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 

Keith Watson and Robert Crayfourd.

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 

Ordinary Share and NAV Performance2 

Commentary3 

Precious metal markets experienced exceptional volatility during January. A sharp acceleration in momentum drove gold to an intra‑month and all-time high of nearly $5,600/oz before a pronounced sell‑off on the final trading day. Despite this retracement, gold still ended the month up almost 13% at $4,894/oz. Investor focus is increasingly centred on currency debasement risks amid elevated government debt levels and expectations of future Federal Reserve rate cuts, while President Trump's comments suggesting indifference to dollar volatility further supported demand for gold and other precious metals. Additionally, uncertainty surrounding the incoming Federal Reserve Chair and the broader implications of the Trump administration's policies for trade, fiscal management, and international relations heightened investment risk and renewed attention to deep‑seated structural fragilities.

Movements in silver were even more pronounced. Prices on the Comex exchange surged 70% to a record $123/oz before correcting sharply to close the month at $85/oz, still registering a robust 19% gain in January. The silver rally followed five consecutive years of supply deficits, as highlighted by the Silver Institute, and was exacerbated by China's decision to restrict exports of refined silver due to its strategic importance for high‑tech and defence industries.

While the scale of recent volatility is notable, current market behaviour appears to reflect an accelerating recognition of underlying structural themes: rising geopolitical risk, US‑led reshaping of global trade frameworks, stretched sovereign balance sheets, and the prospect of ongoing currency depreciation.

Central bank gold purchases continued at strong levels, with 2025 seeing net buying of 861 tonnes. Although below the exceptional 1,000‑tonne annual pace recorded between 2022 and 2024, this remains historically high. Investor attention also turned to new sources of demand, particularly Tether, which reinvested a portion of income from its US Treasury holdings into gold, purchasing 24t, 26t, and 27t across Q2-Q4 2025, exceeding the purchases of any individual central bank over that period. Physical ETFs also maintained their positive momentum with an additional 1.6Moz (50 tonnes) acquired in January, continuing the stronger run‑rate seen in the latter half of 2025.

Supported by a 1% appreciation of sterling against the dollar, the Company's NAV advanced 12% in January. This compared favourably with sterling returns of 9-10% for the VanEck Gold Bugs Index and the Philadelphia Gold & Silver Index, and 8-9% for the GDX and GDXJ ETFs. Strong contributions came from producers delivering volume growth, including West African Resources, Greatland Gold, and Emerald Resources, whose shares rose 17-25%. Americas Gold & Silver also performed strongly, gaining 43%. The restructuring of First Nordic‑Mawson Finland into Goldsky was another notable driver, with its shares rising 84% over the month. Silver‑exposed equities were relative laggards, as extreme price volatility appeared to dampen trading appetite.

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 | [email protected]

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.