The Gold Standard: Market Review – June 26

Research evidence excerpt

The Gold Standard: Market Review – June 26

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 28, 2026 harrison.reynolds@rbccm.com

David Monus (Associate)

(416) 842-9949, The Gold Standard: Market Review – June 26 david.monus@rbccm.com

Connor Snarr (Associate)RESEARCH In this publication, we review detailed changes within global equity, fixed income, commodity, and (416) 842-9894,

currency markets. connor.snarr@rbccm.com

RBC Europe Limited

• The S&P500 decreased by 2.0% and the VIX index increased to 18.4 (1.6%). 10Y yields decreased Ben Davis (Analyst)

by 8bps to 4.37%, explained by real yields decreasing by 2bps to 2.16% and inflation expectations +44 20 7002 2065, ben.davis@rbccm.com

decreasing by 6bps to 2.21%. The 2–10y yield curve decreased by 2bps to 0.28%. The DXY dollar index Marina Calero (Analyst)

increased by 0.5% to 101.4. Larger foreign exchange moves include a weakening of the Chilean peso +44 20 7429 8785,

(2.1%) and Australian dollar (1.7%). marina.calero@rbccm.comEQUITY

• Gold decreased by 1.9% to $4,075/oz and physical gold ETFs recorded outflows of 234koz. Silver

decreased by 9.6% to $58.67/oz and physical silver ETFs recorded inflows of 1moz. CFTC net long gold

positions decreased by 2k to 173k and net long silver positions remained flat at 23k contracts.

• Gold equities decreased by 6.7%, while gold equity ETFs recorded larger outflows of $347m. Silver

equity ETFs realized outflows of $10m. Larger weekly equity price changes for companies under

coverage relative to the index include Santana Minerals (-19.1%), St. Barbara (-18.8%), Novagold

(-18.5%), Alamos Gold (-13.8%), and Gold Fields (-13.1%).