New Issue: RBC prices $1.38 million enhanced return notes linked to PHLX Gold and Silver index

By E. Janene Geiss

Philadelphia, Oct. 29 - Royal Bank of Canada priced $1.38 million of zero-coupon enhanced return leveraged notes due Nov. 7, 2008 linked to the PHLX Gold and Silver Sector index, according to a 424B5 filing with the Securities and Exchange Commission.

If the final index level is at least the initial level, the payout at maturity will be par plus triple any index gain, capped at a maximum payout of 125% of par. Investors are fully exposed to any decline in the index.

RBC Capital Markets Corp. is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Enhanced return leveraged notes
Underlying index:	PHLX Gold and Silver Sector index
Amount:	$1,381,000
Maturity:	Nov. 7, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus triple any index gain, capped at maximum payout of 125% of par; full exposure to any index decline
Initial level:	182.41
Pricing date:	Oct. 26
Settlement date:	Oct. 31
Underwriter:	RBC Capital Markets Corp.
Fees:	2.75%

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