The EMA Fund reported a 20% decline in June, bringing its year-to-date loss to 22%, attributed to the Iran War and fears of a hawkish Federal Reserve impacting gold, silver, and mining stocks. Despite these setbacks, the fund's management remains optimistic, citing last year's 174.5% gain and emphasizing that the "monetary debasement trade" is merely pausing. The fund's quarterly report argues against the likelihood of a hawkish Fed, suggesting that the current Fed Chairman's commitment to fighting inflation is unsustainable. The report highlights significant past gains, with gold up 65% and silver up 145% in 2025, and anticipates a strong future performance for monetary metals, urging patience from investors.