The Gold Standard: Market Review – June 19

Research evidence excerpt

The Gold Standard: Market Review – June 19

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,

June 21, 2026 harrison.reynolds@rbccm.com

David Monus (Associate)

(416) 842-9949, The Gold Standard: Market Review – June 19 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 0.9% and the VIX index decreased to 16.8 (-0.9). 10Y yields decreased Connor(416) 842-9894,Snarr (Associate)

by 3bps to 4.46%, explained by real yields increasing by 3bps to 2.18% and inflation expectations connor.snarr@rbccm.com

decreasing by 6bps to 2.27%. The 2–10y yield curve decreased by 2bps to 0.27%. The DXY dollar index RBC Europe Limited

increased by 1.0% to 100.8. Larger foreign exchange moves include a weakening of the Argentine peso Ben Davis (Analyst)

(2.4%) and British pound (1.3%). +44 20 7002 2065, ben.davis@rbccm.comEQUITY

Marina Calero (Analyst)

• Gold decreased by 1.5% to $4,156/oz and physical gold ETFs recorded outflows of 213koz. Silver +44 20 7429 8785,

decreased by 4.6% to $64.90/oz and physical silver ETFs recorded outflows of 3moz. No CFTC data marina.calero@rbccm.com

was reported this week due to the US holiday, net long gold positions remain 166k and net long silver

positions remain 21k contracts.

• Gold equities increased by 3.1%, while gold equity ETFs recorded larger outflows of $386m. Silver

equity ETFs realized inflows of $29m. Larger weekly equity price changes for companies under