Raphael Lamm’s L1 Gold Fund reports 235% return amid gold price volatility

Hedge fund manager Raphael Lamm, through the L1 Gold Fund, has reported a net return of 235 percent from its inception in February 2025 through August 2026. Despite a recent 20 percent decline in gold prices following geopolitical tensions between the US and Iran, Lamm views the downturn as temporary.

The fund utilizes a long-short strategy, increasing positions in gold mining stocks while hedging against price risks through short sales of gold futures. Key holdings include Eldorado Gold in Canada and K92 Mining in Papua New Guinea, where the fund is the largest shareholder. The fund also holds Ausgold, which is currently targeted for acquisition by Oceana Gold.

Lamm attributes his optimism to structural drivers such as central bank gold purchases, currency devaluation, and significant US national debt exceeding 40 trillion dollars. He suggests that while energy prices and interest rate expectations may impact gold prices in the short term, the long-term demand for hard assets remains driven by geopolitical risks and fiscal instability.