Jun. 8 at 1:31 PM
$WPM down 12.3% over five days while spot
$XAUUSD holds near
$4348. Read: the market is not selling gold here, it is repricing the royalty wrapper around it, whether that is counterparty credit in streaming contracts or jurisdiction risk tied to the Iran-adjacent supply shock. Two-sided: if WPM closes back toward the gold print over the next two sessions, this is a lag and nothing more; if the divergence widens, royalty-sector stress is the real read and GLD-long / WPM-short becomes a structural expression of that.
