The Canadian Index

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Bar chart comparing seven benchmark assets showing a divergence across gold, oil, and financial markets on July 16, 2026.

Gold fell $52.70 and broke below $4,000 the same morning a live production-risk event hit Iran's main oil export terminal, the opposite of the safe-haven reaction that news would typically produce. Traders are tying the move to a single yield mechanism: a widening Government of Canada five-year bond spread and Fed Chair Kevin Warsh's continued refusal to signal rate cuts. The split runs through precious metals, financials and crude simultaneously, spanning seven benchmark assets rather than one sector.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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Line chart tracking WTI crude oil and gold futures prices daily from June 24 to July 16, 2026.

WTI's climb from the low $70s in early July to above $80 this week tracks the Hormuz escalation timeline closely, culminating Thursday…

WTI Crude and Gold Diverge Through the Hormuz Escalation

July 16, 2026

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Line chart showing Brent crude climbing 5.1 percent over the week to 87.84 dollars a barrel as the Iran conflict and naval blockade escalated.

Brent crude rose 5.1% over the week to $87.84 a barrel as an escalating Iran conflict pushed oil back toward its earlier highs.

The TSX and Gold Both Set Records This Week. That Should Not Happen Together.

August 15, 2026

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Bar chart comparing six assets' weekly gains, showing energy markets rising roughly five times faster than equities or the Canadian dollar.

Six major assets all finished the week higher, but energy markets moved roughly five times faster than equities or the Canadian dollar.

The TSX and Gold Both Set Records This Week. That Should Not Happen Together.

August 15, 2026

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Line chart tracking the S&P/TSX Composite through July's ceasefire collapse, near-record rally, and late-month pullback to a 35,226 close.

The S&P/TSX Composite closed July at 35,226, up 1.06% for the month, a modest headline figure that conceals sharp intra-month swings.

S&P/TSX Composite closes July up 1.06% after a volatile month

July 31, 2026

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Line chart comparing Brent and WTI crude oil prices through July's four-leg rally to $85.47.

Brent and WTI crude both surged in July, with WTI ending the month at $85.47, up 23.0%, after round-tripping from a five-month low near $68.74.

WTI and Brent crude surge in July as the Iran ceasefire collapses

July 31, 2026

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Line chart of WTI crude oil's daily closes from mid-June to July 31, rising to $85.47 after Hormuz tanker strikes.

WTI crude closed at $85.47 Friday, up 2.3% on the day, capping a volatile seven-week stretch.

WTI crude closes at $85.47 after tanker strikes near the Strait of Hormuz

August 1, 2026

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