The Gold Standard: Market Review – May 8

Research evidence excerpt

The Gold Standard: Market Review – May 8

RBC Dominion Securities Inc.

Josh Wolfson (Head of

Global Metals & Mining

Research)

(416) 842-9893,

josh.wolfson@rbccm.com

Harrison Reynolds (Analyst)

(647) 504-7192,

May 11, 2026 harrison.reynolds@rbccm.com

David Monus (Associate)

(416) 842-9949, The Gold Standard: Market Review – May 8 david.monus@rbccm.com

John Robertson (SeniorRESEARCH In this publication, we review detailed changes within global equity, fixed income, commodity, and Associate)

currency markets. (416) 842-9998,

john.robertson@rbccm.com

• The S&P500 increased by 2.3% and the VIX index increased to 17.2 (+0.2). 10Y yields decreased Connor(416) 842-9894,Snarr (Associate)

by 2bps to 4.36%, explained by real yields increasing by 2bps to 1.89% and inflation expectations connor.snarr@rbccm.com

decreasing by 4bps to 2.46%. The 2–10y yield curve decreased by 2bps to 0.47%. The DXY dollar index RBC Europe Limited

decreased by 0.3% to 97.8. Larger foreign exchange moves include a strengthening of the Mexican Ben Davis (Analyst)

peso (1.6%), and a weakening of the Brazilian real (1.3%). +44 20 7002 2065, ben.davis@rbccm.comEQUITY

Marina Calero (Analyst)

• Gold increased by 2.2% to $4,715/oz and physical gold ETFs recorded outflows of 85koz. Silver +44 20 7429 8785,

increased by 6.6% to $80.34/oz and physical silver ETFs recorded inflows of 2moz. CFTC net long gold marina.calero@rbccm.com

positions increased by 3k to 156k and net long silver positions remained flat at 25k contracts. Royal Bank of Canada, Sydney

Branch

• Gold equities increased by 8.6%, while gold equity ETFs recorded outflows of $48m. Silver equity ETF's Kaan Peker (Analyst) +61 2 9033 3040,

realized outflows of $50m.