What Moved Royal Gold Stock?
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Royal Gold (RGLD) stock fell 5.0% on Thursday, November 12, 2026, while the S&P 500 slipped 0.3%. There was no announcement, earnings report or filing from the company that session, but every other large gold company fell too. Royal Gold earns its money from stream and royalty interests in mines such as Mount Milligan and Kansanshi. So how closely is Royal Gold’s business tied to gold?
Gold Brings In Most Of Royal Gold’s Revenue
Gold generated 73% of Royal Gold’s revenue in the third quarter of 2026, management said on its November 5 call, with silver and copper making up most of the rest. Revenue reached $465 million that quarter, rising 84.4% from a year earlier. Management said higher metal prices drove the increase, with gold up 23% from a year earlier, along with new contributions from Kansanshi and higher sales from Mount Milligan and other mines.
For you as a shareholder, that makes Royal Gold mostly a gold business. Management also said its gold sales for 2026 remained on track around the midpoint of its original guidance range.
Did Royal Gold Fall With Other Gold Stocks?
Yes. All 22 other companies in its sub-industry, gold, with a market value of $2 billion or more fell on November 12. Their median fall was 4.1%, making Royal Gold’s 5.0% drop a little larger than most, and one of the 22 also fell 5% or more.
All four companies on the Trefis peer list for Royal Gold fell as well, ranging from 0.4% for Franco-Nevada to 4.0% for SSR Mining. The wider market fell far less. The SPDR materials sector fund, XLB, lost 1.3% and the S&P 500 lost 0.3%, on a day when Nvidia shares tumbled over a leadership crisis. Royal Gold moved with the gold group, though by more than any company on its peer list.
Where Royal Gold Stock Stands After The Fall
Royal Gold has fallen this much before: six sessions in the prior 365 days saw a fall at least as large. Its latest move of this size in either direction came three sessions earlier, a 6.3% gain on November 9.
Over the twelve months to November 12, the stock returned 37.4%, against 12.2% for the S&P 500. Its 52-week closing high was $304.29 on March 2, 2026, and its low was $183.79 on November 20, 2025. Over the month to November 12, the stock returned 13.6%, while the S&P 500 lost 1.6%.
Royal Gold trades at 12.3 times sales, against 3.2 times for the S&P 500. On earnings, it trades at 25.8 times, compared with 21.9 for the index. The company is expected to report its fourth-quarter 2026 results in February 2027, and its gold sales for the year are the figure to watch.
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