All weeks

Week 27

June 29 – July 5, 2026

The week in figures

Master account return
−20.55%
Copier estimate, after the fee
−20.55%
Estimated fee, on the copier’s capital
0.00%
Trading days
4
Losing days
1
Distance from the high at week end
−22.3%
Best day
+2.23%
Worst day
−25.33%
Since launch, master account
+628%
Since launch, copier estimate
+284%

Letter to investors, week 27

Ras Al Khaimah, July 4, 2026

Dear investors,

This is the most difficult letter to write since launch, and we want to write it without beating about the bush. The week from 29 June to 5 July closes with −20.5% on the master account. Almost the entire loss comes from Wednesday 1 July, −25.3% in a single session. That day gold travelled more than $150 in both directions, amid the seven-month low, weaker-than-expected US manufacturing data and the speech by the Federal Reserve Chair in Sintra. Wednesday's loss is the largest since launch, more than double that of April. On Monday the account had closed at +2.2%, and on Tuesday 30 June it had not traded. On Tuesday the account stayed idle, with the market at a seven-month low and yields rising. On Wednesday gold rose towards $4,108 ahead of the US manufacturing data and then retraced rapidly. On Wednesday the price moved more than $150 between the day's extremes, in two phases, both very rapid and sustained. The strategy, which works on short moves and retracements, accumulated positions in the wrong direction during the first phase, and the loss materialised in the second. Compared with April, the loss was larger because the move was larger and faster. After this day we revised the exposure limits, and this is the reason why daily returns have been more modest since July. On Thursday and Friday the account resumed trading, with +2.1% and +2.0%.

We know that reading a figure like this is not easy. No fees will accrue until the account has exceeded its previous high. Anyone wishing to discuss this in person may write to us at info@marjantraders.com: we will reply to each of you.

We wish you a serene week and remain at your disposal.

With kind regards,

Duemar International Duemar International FZ-LLC, Ras Al Khaimah

The week in the markets

For gold the week closes up about 2.3%, after four weeks of decline, but along a very bumpy path.

  • Monday 29 More than −1.5% due to a US–Iran exchange of fire near Hormuz.
  • Tuesday 30 Lowest since November at $3,943, first quarterly loss since 2024. Weighing on it: Hammack, rising yields, a strong dollar and ETF outflows.
  • Wednesday 1 July Strong swing in both directions
    • Range of about $156 in New York, from $3,959 to $4,116.
    • Peak at $4,108 just before the 10:00 ET ISM manufacturing release, which came in at 53.3 against 54 expected.
    • Then a retracement to about $4,037. On the same day Warsh speaks at the ECB Forum in Sintra.
  • Thursday 2 Employment +57k against 110k expected, with revisions of −74k. Gold more than +2%.

Sources

Figures are calculated from the master account’s daily returns. The copier estimate applies the 30% fee to each week’s new profits above the previous high: the platform’s own calculation may differ.