SVP & General Counsel Randy Shefman bought $108K in shares, increasing his direct stake by 5.5% at a price 22% below the 90-day high. This purchase after seven prior sales is a change in pattern, but its small size and lack of a supporting insider cluster limit its significance.

Where it could go — 2 of 2 similar RGLD setups led to -16.6% at 30d; watch $195.76 as the bear break, $232.84 as the bull trigger.

SVP & General Counsel Randy Shefman executed a Code-S open-market sale of 1,000 shares at $243.74 on 2026-05-11, reducing holdings by 9.9% (10,082 to 9,082 shares) and realizing $244K. This is Shefman's first Form 4 filing on record—no prior Code-P buys or Code-S sales exist, eliminating any baseline for insider behavior pattern. The sale occurred 14.2% above the 90-day low ($213.38) and 19.9% below the 90-day high ($304.15), with zero other officer buyers in the past 60 days; simultaneously, 20 analysts rate RGLD STRONG BUY (16 buy, 3 hold, 1 sell), creating a disconnect between insider action and consensus.

Where it could go — If the STRONG BUY consensus holds and the stock rebounds to the 90d high of $304.15, the sale would represent a -19.9% miss; if the stock breaks below the $213.38 low, the sale timing would appear prescient, but no historical data exists for this insider or comparable first-time-seller patterns on RGLD to establish base rates.