BofA-North American Precious Metals Weekly Q225 results outlook, Gold ETF flows for June...-20250713

Q2’25 results for North American precious metals

Q2’25 reporting in the precious metals space will kick-off in next week (on 24-Jul-25)with Newmont (NEM), and many more the following week (28-Jul to 1-Aug-25). Werevisit last week’s note on Q2’25 estimates and focus areas. We also highlight globalgold ETF flows for Jun-25 from the World Gold Council (WGC) and review notable localscurrency strength that should pose a cost headwind for some in Q2’25 results. We noteQ2’25 pre-releases from Royal Gold (RGLD) and Triple Flag Precious Metals (TFPM).

June gold ETF flows more than reverse May outflows

As per data compiled by the WGC, net global ETF holdings of gold surged in June 2025by 75 tonnes (t), more than reversing 19t of outflows in May and bringing the H1’25total inflows to 397t. At the end of June, global ETF holdings of gold totaled 3,616t, 23%above the five-year low of 2,938t in January 2020 but still nearly 8% off the September2020 all-time high of 3,915t. We think this suggests western investor sentiment towardgold remains buoyant but not excessive. All regions recorded inflows into gold ETFs inJune, which were led by North America with 44.3t. See more of our analysis on page 3.