The Gold Standard: Market Review – July 3

Research evidence excerpt

The Gold Standard: Market Review – July 3

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,

July 5, 2026 harrison.reynolds@rbccm.com

David Monus (Associate)

(416) 842-9949, The Gold Standard: Market Review – July 3 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 increased by 1.8% and the VIX index decreased to 15.8 (-2.3%). 10Y yields increased Ben Davis (Analyst)

by 11bps to 4.49%, explained by real yields increasing by 9bps to 2.25% and inflation expectations +44 20 7002 2065, ben.davis@rbccm.com

increasing by 3bps to 2.24%. The 2–10y yield curve decreased by 2bps to 0.34%. The DXY dollar index Marina Calero (Analyst)

decreased by 0.5% to 100.8. Larger foreign exchange moves include a weakening of the Brazilian real +44 20 7429 8785,

(1.3%), and a strengthening of the South African rand (1.3%). marina.calero@rbccm.comEQUITY

• Gold increased by 2.4% to $4,122/oz and physical gold ETFs recorded elevated outflows of 717koz.

Silver increased by 5.3% to $60.91/oz and physical silver ETFs recorded outflows of 1moz. No new

CFTC position data was released due to the US holiday. Prior net long gold positions were 173k and

net long silver positions were 23k contracts.

• Gold equities increased by 3.6%, while gold equity ETFs recorded inflows of $180m. Silver equity ETFs

realized inflows of $5m. Larger weekly equity price changes for companies under coverage relative to

the index include Firefly Metals (+9.3%), Coeur Mining (+8.0%), G Mining (+7.7%), Wesdome Mining