North American Precious Metals Weekly: Q2’26 preview, June ETF gold flows, May central bank buying, TFPM/AUGO volumes

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North American Precious Metals Weekly: Q2’26 preview, June ETF gold flows, May central bank buying, TFPM/AUGO volumes

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North American Precious Metals Weekly

Q2’26 preview, June ETF gold flows, May

central bank buying, TFPM/AUGO volumes

Estimate Change

Q2’26 results to kick-off next week with Newmont (NEM) 13 July 2026

Q2’26 reporting in the precious metals space is set to begin next week (on 23-Jul-26) Equity

with industry heavy-weight, Newmont (NEM). We highlight key themes and provide Americas

company previews. Last week, Triple Flag Precious Metals (TFPM) and Aura Minerals Gold & Precious Metals

(AUGO) reported preliminary Q2’26 results, and the World Gold Council (WGC) released

June ETF gold flows. Finally, strong central bank gold net purchases continued in May. Lawson Winder, CFA >> Research Analyst

Key focus items for Q2’26 precious metals results season Merrill+1 416Lynch369 7592(Canada)

lawson.winder@bofa.com

In Q2’26, gold averaged $4,508 per ounce (/oz), down 7.5% quarter-over-quarter (QoQ),

and up 37.1% year-over-year (YoY). With gold and silver prices down QoQ, we think SathishResearchKasinathanAnalyst

companies must show they are managing the Q2’26 inflation spike effectively to BofAS

+1 646 855 2769

enjoy positive share gains this earnings season. Remaining well on-track to meet 2026 sathish.kasinathan@bofa.com

guidance will also be critical. Finally, with sector free cash flow still at historically Adam Smiarowski, CFA >>

elevated levels, capital allocation and shareholder returns should be a key focus. Research Analyst

Merrill Lynch (Canada)

TFPM reports strong preliminary Q2’26 results +1adam.smiarowski@bofa.com416 369 7780

Last week (9-Jul-26), TFPM reported preliminary Q2 2026 results, revenue of $129m BofA Commodities