GoldLockTreasuryGold-backed research desk

Tuesday 18 August 2026

Kampala Bureau

ISSN 2960-4471

Vol. VI

Tuesday 18 August 2026Kampala Bureau · ISSN 2960-4471Vol. VI

Hugo Marchetti

Mining Equities Analyst

Hugo covers mining equities, royalty and streaming finance, capital allocation and merger activity, and the fiscal terms producers negotiate with host governments.

Articles by Hugo Marchetti

01Investment flows · 7 August 2026Gold ETF flows turn positive as buyers changeFund flows have recovered without the retail surge that usually accompanies them. Allocation committees, not day traders, are behind the move.
02Capital markets · 1 August 2026Royalty and streaming capital in gold financeDevelopers that cannot raise equity at an acceptable price are selling future ounces instead. The terms deserve more scrutiny than they get.
03Equities · 26 July 2026Gold equities still trade at a discountProducers have returned record cash and the rating gap has barely moved. The market is pricing execution risk it has been given reason to price.
04Policy · 22 July 2026West African producers face new fiscal termsSeveral governments have revised mining codes to capture more of a high price. The design of the revision matters more than the headline rate.