The Agio Gold Sector Fund, officially licensed on June 1st, 2023, is expertly managed by Agio Capital Ltd. and advised by Legba Advisors Ltd. This fund presents a compelling investment opportunity in the gold market, utilizing the Agio Gold Sector Fund Monetary Model, which gives unique insight into how the Global Monetary System operates at the strategic level. The fund’s Monetary Metric signals – though less frequent than traditional technical indicators – generate outsized risk/reward opportunities for entire market sectors. Furthermore, the Agio Gold Sector Fund aims to optimize returns at each degree of trend – short, medium, and long-term – while accounting for systemic risk in the most comprehensive manner possible. This strategic approach positions investors to benefit from the dynamic nature of the gold market.
“Our forward-looking focus this month is purely on price action, given that this report comes hot on the heels of our fundamentals-focused Q3 Gold Demand Trends report and ahead of our longer-term 2026 Outlook.” - World Gold Council
“Gold’s October peak marked a 66% gain for the year. The pace of the move from mid-August resulted in historically overbought technical momentum levels, with the market also more than 25% above its long-term 200-day average. This has historically signalled a ‘typical’ overstretched extreme.” - World Gold Council
“The sharp rise in volatility when the price peaked in the third week of October was similar to levels seen at the 2020, 2022 and April 2025 peaks. Combined with a weekly Relative Strength Index (RSI) momentum ‘sell’ signal, this suggests we have seen an uptrend that has run too far too fast and pause/correction to unwind this extreme overbought condition, is likely necessary.” - World Gold Council
“With no long-term momentum ‘sell’ signals seen thus far, our view is that an October decline will likely provide a healthy and much needed breather in the core long-term uptrend.” - World Gold Council
Gold prices reached notable technical extremes in mid-October, suggesting a likely 1–3-month corrective phase before resuming their broader uptrend. Key support levels are expected around US$3,800/oz (medium-term 55-day average and Fibonacci retracement) where “dip buyers” may return, with deeper long-term support at US$3,500/oz (the April peak), consistent with past pullbacks in 2020 and 2022.
If gold continues higher, resistance levels lie at US$4,420/oz, US$4,500–4,520/oz, and US$4,675/oz.
Despite recent declines in both the metal and sector, the long-term bullish trend remains intact, supported by strong speculative demand and stable monetary conditions. Historical parallels are drawn with the years 2024, 2006, 1986, and 1977.
Kevin Price offers consulting services to international corporations, private clients, and financial institutions. He is the CEO of Legba Ltd., a financial consulting firm based in The Bahamas that provides investment advisory services and risk assessment across multiple jurisdictions. With over 30 years of experience in the financial services industry since 1988, Mr. Price has worked with major banks and firms like American Express, UBS, and Gonet. His career has given him hands-on experience in the U.S., Cayman Islands, and the Bahamas, specializing in corporate banking, trading, discretionary management, and investment advisory. He has held senior management roles in these regions. Mr. Price holds an M.B.A. in finance from the University of Virginia and a B.A. in Economics from the University of Michigan. He is licensed in the U.S., the Cayman Islands, and currently registered in The Bahamas.
Agio Capital Ltd. is a registered fund management firm located in The Bahamas, specializing in investment management services. With a focus on strategic investment approaches, Agio Capital focuses on alternative asset classes, such as gold, cryptocurrencies and other commodities, providing clients with diverse financial solutions designed to optimize returns while effectively managing risks. The firm is committed to guiding clients through the complexities of the financial markets, ensuring they achieve their investment objectives. Leveraging extensive industry expertise, Agio Capital aims to deliver comprehensive support to a discerning clientele, including corporations, private clients, and financial institutions, fostering long-term financial success.
The Agio Gold Sector Fund Ltd. aims to maximize your wealth by investing in a variety of gold-related assets, including physical gold, ETFs, mining stocks, and derivatives. In an era marked by economic fluctuations and unpredictable markets, gold remains a steadfast asset, offering a hedge against inflation and currency devaluation making it an essential component of a well-diversified portfolio.
The fund is managed using a proprietary monetary model to optimize entry and exit points for investments in gold and gold equity related instruments, including:
| Detail | Value |
|---|---|
| Fund Manager | Agio Capital Ltd. |
| Investment Advisor | Legba Advisors Ltd. |
| Custodian | Equity Bank Bahamas Limited |
| License Date | June 1st 2023 |
| Fund Type | Open-ended, Professional Fund |
| Legal Jurisdiction | 1992 Companies Act |
| Initial Offer Price | B$100.00 per Share |
| Min. Initial Investment | B$5,000.00 |
| Min. Subsequent Investments | B$1,000.00 |
| Month | NAV | Change |
|---|---|---|
| JAN | 103.48 | +3.02% |
| FEB | 103.07 | -0.39% |
| MAR | 109.22 | +5.97% |
| APR | 112.01 | +2.55% |
| MAY | 114.00 | +1.78% |
| JUN | 115.13 | +0.99% |
| JUL | 112.75 | -2.07% |
| AUG | 123.21 | +9.27% |
| SEP | 137.43 | +11.54% |
| OCT | 132.13 | -3.85% |
| NOV | 144.23 | +9.16% |
The Agio Gold Sector Fund (AGSF) experienced a strong recovery in November 2025, with its NAV increasing from 132.13 to 144.23, marking a 9.16% gain. The Fund remains firmly positive on a year-to-date basis (+43.60%), maintaining a strong long-term performance trajectory.
This month’s movement aligns with the World Gold Council’s “Technical Difficulties – October Reversal” outlook, where gold hit its 50th all-time high of US$4,294/oz on 20 October before retreating to close at US$4,012/oz, still up 5% for the month. The pullback reflected profit-taking, overbought momentum, and a stronger U.S. dollar, following a rapid 66% year-to-date rally that pushed gold more than 25% above its long-term 200-day average.
Technically, gold’s October peak reached an overstretched extreme, similar to prior highs in 2020, 2022, and April 2025. The market’s sharp rise in volatility and a momentum “sell” signal suggest a healthy 1–3 month consolidation phase rather than a structural downturn.
Key support levels are identified around US$3,800/oz (medium-term average and Fibonacci retracement) and US$3,500/oz (April peak), where “dip buyers” are expected to re-emerge. Resistance remains ahead at US$4,420–4,675/oz.
While Large Cap Gold Equities (GDX) edged up only 0.08%, AGSF’s strong November recovery demonstrates the fund’s ability to capitalize on cyclical corrections that historically precede renewed upward movement. With speculative demand intact and monetary fundamentals remaining solid, AGSF continues its sustained long-term bull trend for gold and the broader sector.
