11:11 AM EDT, 08/15/2025 (MT Newswires) -- RBC Capital Markets reported Friday general themes in the gold sector after the second-quarter reporting season.

According to RBC, gold equities have been surging while gold prices remained flat. On a trailing three-month basis, gold equities are up 25% with gold prices only up 4%.

The outperformance of equities compared to gold has historically occurred as gold prices were rising, as one would expect with gold equities typically providing beta to gold, RBC said.

RBC also looked at the performance of post-earnings stock-price reactions. In the second quarter the median gold equity returned 0.9% relative to the benchmark following the results, representing top quartile performance over the past five years.

RBC also said companies have remained highly disciplined in the current environment, largely focusing on protecting margins, generating free cash flow and reducing already low debt levels.

Even if these attitudes remain, RBC wondered to what degree sharply elevated gold prices today will affect the outlook for the sector heading into 2026.

RBC also touted Barrick Mining's ( B ) Fourmile project in Nevada due to its resource potential.

RBC also mentioned the possible entry of Uzbekistan-based gold miner Navoi Mining & Metallurgical to the public arena, with the company evaluating a potential IPO in London.

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