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Market turbulence does not automatically lead to higher gold prices. But gold remains the ultimate store of value.

Advertisement – This article is distributed on behalf of U.S. GoldMining Inc. and Osisko Gold Group Inc., with which SRC swiss resource capital AG has paid IR consulting agreements. Producer: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: July 22, 2026, 5:15 p.m. Zurich/Berlin

When financing bottlenecks arise, market participants need U.S. dollars. They obtain these by selling the most liquid and sought-after reserve asset: gold. This demonstrates that gold fulfills its function as a reserve asset. High demand for gold indicates that the need for a neutral reserve asset is significant. Gold continues to exhibit a generally negative correlation with the U.S. Dollar Index. In any case, the price of gold rises over the long term. Periods of a strong U.S. dollar have often coincided—and continue to coincide—with corrections and consolidation phases in the price of gold.

In the long term, there is a gradual decline in the dollar’s share of global currency reserves. Reserves are becoming increasingly diversified, and as a result, many central banks are expanding their gold reserves. This is because gold plays a monetary role. For the price of gold to surge again, a trigger is needed—for example, a deterioration in the geopolitical or economic situation. Increased long-term investment by investors or a shift in interest rate expectations could also help.

Following the rise in the price of gold in 2025, many investors certainly took profits. If investor sentiment shifts, they are likely to return to the gold market. Then there are also the U.S. midterm elections in November 2026. While the connection between U.S. elections and gold price trends isn’t always entirely clear, demand for gold bars and coins typically rises when the Democrats are in control. And this year, they appear to have a good chance of regaining control of the House of Representatives.

Osisko Gold Group (formerly Osisko Development) – https://www.commodity-tv.com/ondemand/companies/profil/gogold-resources-inc/ – owns, among other assets, the flagship Cariboo Gold project (Canada, 100 percent, fully permitted). It is located in the historic Cariboo Mining District in central British Columbia and is considered one of the best land packages in Canada. Production at Cariboo (approximately 190,000 ounces of gold annually over ten years) is scheduled to begin in 2027. A 70,000-meter drilling program is well underway and fully funded. The current, very positive drill results point to the presence of the anticipated resource growth. The company’s goal is to become a mid-sized gold producer.

U.S. GoldMining – https://www.commodity-tv.com/ondemand/companies/profil/us-goldmining-inc/ – focuses on gold and copper. The company owns 100 percent of the promising Whistler Project in Alaska, which hosts significant gold and copper resources. Drilling has demonstrated the potential for new gold-copper porphyry deposits there, and the preliminary economic assessment for the Whistler Project has been very positive. The 2026 drilling program has begun, and the exploration program is actually ahead of schedule.

Current company information and press releases from Osisko Gold Group (- https://www.resource-capital.ch/de/unternehmen/osisko-development-corp/ -) and U.S. GoldMining (- https://www.resource-capital.ch/de/unternehmen/us-goldmining-inc/ -).

You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

Sources: U.S. GoldMining, Osisko Gold Group,

https://www.finanznachrichten.de/nachrichten-2024-11/63713482-gold-im-wahlfieber-die-us-praesidentschaftswahl-und-der-goldpreis-674.htm;

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (EU) 2016/958, we hereby note that authors, employees, and affiliated companies of Swiss Resource Capital AG (SRC) may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author’s own positions: none; SRC net position: less than 0.5%; Issuer’s stake in SRC ≥ 5%: no. Update Policy: No obligation to update. No guarantee regarding the German translation. Only the English version of this news release is authoritative.

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