The Gold Standard: Market Review – May 15

Research evidence excerpt

The Gold Standard: Market Review – May 15

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 17, 2026 harrison.reynolds@rbccm.com

David Monus (Associate)

(416) 842-9949, The Gold Standard: Market Review – May 15 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 0.1% and the VIX index increased to 18.4 (+1.2). 10Y yields increased by Connor(416) 842-9894,Snarr (Associate)

24bps to 4.59%, explained by real yields increasing by 18bps to 2.07% and inflation expectations connor.snarr@rbccm.com

increasing by 6bps to 2.52%. The 2–10y yield curve decreased by 2bps to 0.52%. The DXY dollar index RBC Europe Limited

increased by 1.4% to 99.3. Larger foreign exchange moves include a weakening of the British pound Ben Davis (Analyst)

(2.3%), Chilean peso (2.1%), and South African rand (1.9%). +44 20 7002 2065, ben.davis@rbccm.comEQUITY

Marina Calero (Analyst)

• Gold decreased by 3.7% to $4,540/oz and physical gold ETFs recorded inflows of 240koz. Silver +44 20 7429 8785,

decreased by 5.4% to $75.99/oz and physical silver ETFs recorded inflows of 4moz. CFTC net long gold marina.calero@rbccm.com

positions increased by 9k to 165k and net long silver positions increased by 3k to 27k contracts. Royal Bank of Canada, Sydney

Branch

• Gold equities decreased by 7.7%, while gold equity ETFs recorded inflows of $11m. Silver equity ETFs Kaan Peker (Analyst) +61 2 9033 3040,

realized inflows of $5m.