The Canadian Index

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Line chart comparing indexed gold and Brent crude prices as the two assets diverge then reverse in early August 2026.

Gold rose 7.2% last week to a record close near $4,400 while Brent crude fell 7.3% as traders bet a Hormuz shipping deal was close. Both moves reversed within hours of Monday's open after Iran hardened its terms for reopening the strait, sending Brent back toward $84.70. The swift reversal illustrates the availability heuristic, the bias identified by psychologists Daniel Kahneman and Amos Tversky in which the most recent, vivid data point gets mistaken for a new trend rather than a single week's noise.

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 showing the spot price of gold falling 2.07 percent on July 24, 2026 as oil prices surged.

Gold's drop came even as Brent crude crossed $100 a barrel for the first time since May, after Houthi forces struck two Saudi oil tankers in the Red Sea.

Record High, Sharp Reversal: A Lesson in Loss Aversion

July 24, 2026

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Line chart comparing WTI crude oil and gold spot prices from June 22 to July 20, 2026.

WTI crude has climbed 2.1% to $83.48 as the conflict's confirmed U.S.

Oil Spiked Past $85 as the War's U.S. Death Toll Hit 17. It Gave Back Most of the Move by Noon.

July 20, 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 showing gold prices falling 1.39 percent as US Treasury yields rise amid Strait of Hormuz tensions.

Gold fell 1.39% Monday to $4,063.91, even as Iran declared the Strait of Hormuz closed following a fourth wave of US strikes over the weekend.

Gold Fell on the Worst Hormuz Escalation in Months. That Is Not a Contradiction.

July 13, 2026

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Line chart showing the TSX composite, Brent crude and Canada's 10-year bond yield indexed and diverging in early August 2026.

Canada's 10-year government bond yield, the TSX composite and Brent crude had moved together through early August as Strait of Hormuz risk built, but Tuesday broke that pattern.

TSX, Brent and Canada's 10-Year Yield Diverge

August 11, 2026

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