The Gold Standard: Market Review – July 17

Research evidence excerpt

The Gold Standard: Market Review – July 17

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 19, 2026 harrison.reynolds@rbccm.com

David Monus (Associate)

(416) 842-9949, The Gold Standard: Market Review – July 17 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 1.6% and the VIX index increased to 18.8 (+3.7%). 10Y yields decreased by Ben Davis (Analyst)

1bp to 4.55%, explained by real yields remaining flat at 2.30% and inflation expectations decreasing by +44 20 7002 2065, ben.davis@rbccm.com

1bp to 2.25%. The 2–10y yield curve decreased by 2bps to 0.36%. The DXY dollar index decreased by Marina Calero (Analyst)

0.2% to 100.8. Larger foreign exchange moves include a strengthening of the Canadian dollar (1.0%) +44 20 7429 8785,

and a weakening of the Chilean peso (1.3%). marina.calero@rbccm.comEQUITY

• Gold decreased by 2.5% to $3,995/oz and physical gold ETFs recorded outflows of 214koz. Silver

decreased by 6.6% to $59.59/oz and physical silver ETFs recorded inflows of 3moz. CFTC net long

gold positions decreased by 7k to 176k contracts and net long silver positions decreased by 3k to 23k

contracts.

• Gold equities decreased by 5.6%, while gold equity ETFs recorded inflows of $40m. Silver equity ETFs

realized outflows of $2m. Larger weekly equity price changes for companies under coverage relative

to the index include Perpetua Resources (-13.8%), Regis Resources (-13.5%), Novagold (-13.2%), and

Equinox Gold (-12.6%).