Confidence in Gold Remains Strong

Advertisement/Advertising – This article is distributed on behalf of Equinox Gold Corp. · SRC Swiss Resource Capital AG maintains a paid investor relations consulting agreement with Equinox Gold Corp. · Prepared by: SRC Swiss Resource Capital AG · Author: Ingrid Heinritzi · First published: July 25, 2026, at 1:25 p.m. Zurich/Berlin ·

The global asset manager Fidelity International is considering increasing its allocation to gold. Multi-asset portfolio manager Ian Samson cited the precious metal’s sound long-term fundamentals. Scotiabank continues to view gold equities as attractively valued relative to physical gold. Bank of America also noted that free cash flow at mid-sized and large gold producers has increased roughly tenfold since 2020 and expects the trend to continue through 2027. Recent U.S. inflation data also provided support: in June, the Consumer Price Index fell 0.4% on a seasonally adjusted basis, while the 12-month rate slowed to 3.5% and the core rate to 2.6%. This eased concerns about an imminent interest rate increase by the Federal Reserve.

A look at China highlights the strategic importance of gold particularly clearly. The Chinese central bank increased its official gold reserves by 15 tonnes in June—the largest monthly purchase since October 2023 and the twentieth consecutive increase. Over those 20 months, the People’s Bank of China reported total purchases of 82 tonnes, bringing official reserves to 2,346 tonnes. At the same time, demand for physical investment gold in the form of coins and bars remained solid. Market participants and retail investors used price declines as buying opportunities.

Chinese gold ETFs recorded net inflows of approximately RMB40 billion, equivalent to 29 tonnes, in the first half of 2026. This was the second-strongest first half since records began. In June, however, the funds recorded outflows of approximately RMB15 billion and holdings fell by 17 tonnes, as a lower gold price and a sharp rise in new stock-market account openings diverted investor interest. Jewelry demand remains subdued during the seasonally weaker period, although a stabilizing gold price could provide support.

Equinox Gold - https://www.commodity-tv.com/ondemand/companies/profil/equinox-gold-corp/ - is a North America-focused gold producer. Its operating base consists of the Greenstone and Valentine mines in Canada, supplemented by production in the United States and Nicaragua, as well as a pipeline of development and expansion projects. In the first quarter of 2026, the company repaid approximately US$990 million of debt and paid its first quarterly dividend of US$0.015 per share on March 26; a second dividend of the same amount was paid on June 5. The company also initiated a share buyback program. In the second quarter, Equinox Gold produced a consolidated total of 176,836 ounces of gold. Of this total, 97,273 ounces came from Greenstone and Valentine, whose combined production increased by 11% compared with the first quarter. Consolidated production for the first half of 2026 totaled 374,464 ounces. According to the company, Equinox remains on track to achieve its full-year production guidance of 700,000 to 800,000 ounces.

On July 6, Equinox Gold also announced the sale of 8.713 million common shares of Versamet Royalties Corporation for gross proceeds of C$130 million. As a result, Equinox Gold’s undiluted ownership interest in Versamet declined from approximately 10.7% to 2.7%. According to the company, the remaining interest is held for investment purposes.

On May 13, 2026, Equinox Gold and Orla Mining entered into an agreement for a proposed business combination. Following shareholder approval on July 22, 2026, the transaction remains subject to court, stock exchange and regulatory approvals, as well as customary closing conditions. Subject to the satisfaction or waiver of these conditions, the transaction is expected to close on July 31, 2026. If completed, the combined company would have expected pro forma 2026 gold production of approximately 1.1 million ounces, based on the midpoints of the companies’ respective 2026 production guidance ranges. According to the companies, the combined project pipeline provides a long-term path to more than 1.9 million ounces of annual gold production. This outcome depends on the planned expansion and development projects being implemented and progressing in line with the assumptions set out in the respective technical reports.

Current company information and news releases: https://www.resource-capital.ch/en/companies/equinox-gold-corp/

Further information: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2026-03/

Sources and Reference Materials

Fidelity International – Company Profile and Assets under Management
U.S. Global Investors – Gold Market Commentary
U.S. Bureau of Labor Statistics – Consumer Prices, June 2026
World Gold Council – China Gold Market Update, June 2026
Equinox Gold – First-Quarter 2026 Results
Equinox Gold – Second-Quarter 2026 Production
Equinox Gold – Sale of Versamet Shares
Equinox Gold / Orla Mining – Proposed Business Combination
Equinox Gold – Special Meeting Materials

Disclosure pursuant to Section 85 of the German Securities Trading Act (WpHG), in conjunction with Article 20 of the Market Abuse Regulation (MAR) and Commission Delegated Regulation (EU) 2016/958: SRC Swiss Resource Capital AG maintains a paid investor relations agreement with Equinox Gold Corp.; this article is advertising/an advertorial. The author holds no position in Equinox Gold. SRC’s net position in Equinox Gold is below 0.5%. The issuer does not hold an interest of 5% or more in SRC. Employees or affiliated companies of SRC may hold positions in the issuer discussed. There is no obligation to update this article.

Disclaimer: The information provided is for general informational purposes only and does not constitute investment advice, an investment recommendation, or an offer or solicitation to buy or sell securities. Investments in securities involve significant risks, including the potential loss of all capital invested. Statements concerning future developments—particularly the proposed business combination between Equinox Gold and Orla Mining and the stated production and growth objectives—are forward-looking, are based on assumptions and may differ materially from actual results. The information is derived from sources believed to be reliable; however, no representation or warranty is made as to its accuracy, completeness or timeliness. The operators of external websites are solely responsible for their content. The Disclaimer of SRC Swiss Resource Capital AG also applies.