Gold, Gains, and a Surprising Surplus
Markets are riding high, but it’s not just momentum, the numbers are starting to back it up.
Markets are riding high, but it’s not just momentum, the numbers are starting to back it up. The TSX flirted with another record this week after gold stocks powered a strong year-to-date run. Meanwhile, Canada posted a surprise trade surplus for the first time since January, helped by surging exports to the U.S. It’s a signal that both investor sentiment and economic fundamentals may be turning a corner.
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Here's how some major markets/indexes performed in the last 5-days:
- Dow Jones: 48,501 (1.10%)
- Nasdaq 100: 25,217 (-2.11%)
- TSX: 31,537 (0.68%)
- BTC: 90,134 (-0.32%)
- Ethereum: 3,075 (0.43%)
(USD)
As of 12/12/2025 at 12:15PM PST
TSX Hits Record, Then Slips
Canadian stocks made headlines this week after the TSX Composite pushed to an all-time high, briefly crossing the 31,500 mark on strong gains in energy and mining names. But Friday morning saw a sharp reversal, with the index dropping more than 250 points as weakness in tech and base metals weighed on performance. Gold and oil prices remain volatile, contributing to sector churn, while rate cut optimism continues to buoy broader equity sentiment.
Why it matters: The TSX’s rally, up more than 25% this year, has lifted portfolio values and helped open the window for capital raises. But today’s dip is a reminder of the risks still lurking beneath the surface, particularly for cyclical sectors exposed to commodity prices and global demand shifts.
Gold pulls back, but long-term outlook stays bullish
After flirting with record territory, gold prices retreated slightly this morning, slipping below $2,050/oz as investors took profits and equity markets rebounded. But don’t mistake the short-term dip for weakness. Analysts like Tom Winmill of Midas Funds say the long-term fundamentals remain strong heading into 2026, pointing to potential rate cuts, global instability, and strong demand for inflation hedges as supportive tailwinds.
Why it matters: Gold has been a standout performer this year, delivering double-digit gains and outperforming many traditional asset classes. With interest rates likely peaking and inflation concerns still simmering, investors are once again treating gold as more than just a fear trade, it's increasingly part of the portfolio playbook.
The second-largest gold producer in the world, Agnico Eagle (TSX: AEM, NYSE: AEM) continues to stand out for its combination of scale, consistency, and leverage to gold.
Heritage Mining (CSE: HML FRA: Y66) is a Canadian exploration company focused on uncovering new precious metals opportunities.
For generations, Farmland LP has delivered steady, inflation-resilient returns with low volatility, while remaining uncorrelated to stocks and bonds.
Amid growing geopolitical concerns around Chinese graphite exports, HydroGraph’s (CSE: HG, OTCQB: HGRAF) domestic production technology is receiving heightened attention
With decades of outperformance, MCAN Financial gives investors a smarter path to real-estate–driven growth and stability.
Canada Returns to Trade Surplus for First Time Since January
Canada’s trade ledger posted a surprise surplus in September, breaking a seven-month streak of deficits. Exports rose by 6.3% to over $64 billion, while imports fell by 4.1%, resulting in a $153 million surplus. The jump was driven by a 44% increase in Canada’s trade surplus with the United States, its highest level since February, as shipments of gold, crude oil, and aircraft climbed sharply. It’s also the strongest signal yet that Canadian trade is stabilizing after months of turbulence tied to tariffs and global supply disruptions.
Why it matters: This reversal could mark a turning point for Canada's export economy and may strengthen the loonie. It’s also a positive sign for investors focused on energy, mining, and aerospace sectors, as renewed export momentum bodes well for corporate earnings and valuations heading into 2026.
📢 This Week's Selected Company News:
Dolly Varden and Contango ORE Merging, form Contango Silver & Gold Inc.
Dolly Varden Silver and Contango ORE have announced a definitive merger to create Contango Silver & Gold Inc., a new mid-tier producer focused on high-grade assets in North America. The combined entity will consolidate key projects across Alaska and British Columbia, including the cash-generating Manh Choh gold mine. The move aims to enhance scale, liquidity, and growth potential as the company builds out a diversified precious metals portfolio.
Lululemon CEO to Step Down Amid Strategic Transition
Lululemon has announced that CEO Calvin McDonald will depart in January after six years at the helm. McDonald’s exit comes as the company undergoes a broader executive shakeup following a slower growth outlook for 2026. The transition signals a potential pivot in leadership strategy as Lululemon looks to maintain momentum in a shifting retail environment.
Microsoft’s $7.5B AI Investment Puts Canada in the Global Spotlight
Netflix is in exclusive talks to buy key assets from Warner Bros. Discovery in a deal reportedly worth US$72 billion. The acquisition would include major franchises like HBO and DC, expanding Netflix’s footprint beyond streaming into legacy media. The move signals a bold push to cement its dominance as competition intensifies.
📬 That’s a wrap for this week!
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Joshua Gimenez
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BTV Business Television / CEO Clips
