The Gold Standard: Market Review – July 10

Research evidence excerpt

The Gold Standard: Market Review – July 10

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 12, 2026 harrison.reynolds@rbccm.com

David Monus (Associate)

(416) 842-9949, The Gold Standard: Market Review – July 10 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 1.2% and the VIX index decreased to 15.0 (-0.8%). 10Y yields increased Ben Davis (Analyst)

by 8bps to 4.56%, explained by real yields increasing by 5bps to 2.30% and inflation expectations +44 20 7002 2065, ben.davis@rbccm.com

increasing by 2bps to 2.26%. The 2–10y yield curve decreased by 2bps to 0.35%. The DXY dollar index Marina Calero (Analyst)

increased by 0.1% to 101.0. Larger foreign exchange moves include a strengthening of the British +44 20 7429 8785,

pound (0.4%), and a weakening of the Brazilian real (1.3%). marina.calero@rbccm.comEQUITY

• Gold decreased by 1.4% to $4,120/oz and physical gold ETFs recorded inflows of 207koz. Silver

decreased by 4.1% to $59.87/oz and physical silver ETFs recorded outflows of 2moz. CFTC net long

gold positions increased by 1k to 183k contracts and net long silver positions increased by 1k to 26k

contracts.

• Gold equities decreased by 3.7%, while gold equity ETFs recorded inflows of $182m. Silver equity

ETFs realized outflows of $38m. Larger weekly equity price changes for companies under coverage

relative to the index include Perpetua Resources (-12.0%), I-80 Gold (-11.2%), Triple Flag (-10.8%), and

Eldorado Gold (-10.2%).