OMKARA CAPITAL — DAILY NEWSLETTER: 24th August 2026

During my last visit to Dubai, the dominant conversations among large global investors were still centered on AI, Korea, Taiwan, Nvidia, Hynix, Samsung, the U.S., Iran, and Mr. Trump.

And now, that discussion has now shifted to commodities, bitcoin, the weakening U.S. dollar & Indian equities. They all seem to less worried about Mr Trump, USA/ Iran war but more focused to make money from various other asset classes. Seems like risk-on is back, and many queries has started pouring for India as well.

Some discussions & learnings:

1. Gold has overtaken U.S. Treasuries as the world’s leading reserve asset. At the same time, gold mining stocks appear extremely inexpensive relative to history, with some trading at roughly 10% free cash flow yields and around 0.8x price-to-net asset value. Names like Norther Star Resources, Atlas Mining, Evolution Mining, GDX (VanEck Gold Miners ETF) are being discussed a lot.
2. Gold typically struggles when interest rates rise because it does not generate cash flow. However, the picture changes when markets begin to question the Federal Reserve’s control over long-term rates. In that environment, gold can become highly attractive. Technical strategist Laurence Balanco has indicated a potential move toward USD 5,120–5,418 for gold. An asset class which makes us bullish on gold financiers in India likes to Muthoot Finance, Manappuram, IIFL, Fed Fina.
3. Silver has confirmed a double-bottom breakout, while copper has moved above the upper boundary of its January–August triangle pattern. This reinforces copper’s earlier breakout from its 2021–2025 consolidation range and supports an upside target of roughly USD 16,200–16,300. HZL is being discussed a lot. And Atlas Mining for copper. Atlas offers the highest copper exposure in Philippine mining, with c.86% of total revenues derived from the red metal.
4. U.S. Bitcoin ETFs recorded their strongest weekly inflows since April, reinforcing the broader shift of capital toward alternative assets. An asset class which is very popular in this part of the world where CFDs are making a killing with huge leveraged bets. Risky but highly discussed amid big circles.
5. Foreign institutional investors turned buyers of Indian equities after four consecutive months of selling, with the highest monthly inflow in 22 months. The buying amounted to approximately USD 2.5 billion, the highest among emerging markets, as capital rotated away from Korea and Taiwan. Slowly, many are looking to invest capital in India after seeing recent outperformance.
6. RBI’s FCNR has seen a huge cusses with nearly USD 73 billions of inflows and 10-days left. Can it hit USD 90-100 billion. Also, India’s foreign exchange reserves have reached a six-month high and are now back to pre-U.S.–Iran war levels. Many are now believing that India macro has strengthened vs weakening amid war & Indian government has taken pro-active steps.

Warm regards,
Omkara Capital Private Limited
www.omkaracapital.in

Disclaimer: This newsletter is for informational purposes only and should not be construed as investment advice. Please consult your financial advisor before making any investment decisions.