The Canadian Index

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Line chart of the VIX volatility index easing even as investor-reported bearish sentiment hit a 16-month high.

Investor-reported fear and market-priced fear told different stories this month. AAII bearish sentiment reached 53.3 percent for the week ending September 16, a sixteen-month high, while the VIX, which spiked to 17.84 during the Hormuz tanker exchanges on September 10, eased back to 14.81 by September 18. Kahneman and Tversky described this mechanism in 1974 as the availability heuristic, where vivid recent events outweigh actual base rates. The gap between what investors report and what options markets are pricing is itself the more useful conversation with clients this week.

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 gold spot price falling to $4,054.97 amid Iran's Strait of Hormuz tanker attacks in July 2026.

Gold's drop came even as Iran's Revolutionary Guard struck three tankers near the Strait of Hormuz and the United States revoked Iran's oil…

Gold Fell 3% While Iran Attacked Tankers in the Strait of Hormuz

July 8, 2026

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Line chart of the Cboe VIX volatility index daily close from September 8 to October 6, 2026, staying within a narrow band.

Behavioural research on habituation suggests that a repeating shock eventually stops moving a risk gauge.

VIX Daily Close and Habituation to Oil Shocks, September 8 to October 6

October 7, 2026

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Line chart showing the VIX volatility index holding in the mid-teens through a prolonged Strait of Hormuz conflict.

The VIX has held in the mid-teens for weeks even as the Strait of Hormuz conflict enters its third month and a Federal Reserve rate…

Why the Fear Gauge Is Sleeping Through a War and a Rate Hike

September 16, 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 S&P/TSX Composite closing higher after a volatile week driven by war-related headlines.

Kahneman and Tversky's loss aversion research helps explain the sequence: losses recorded during a decline carry roughly twice the…

Why the TSX's Two-Day Rebound Is the Most Dangerous Data Point on the Chart

September 4, 2026

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Line chart tracking gold's spot price from August 17 to 31, 2026, showing a 15-week high on August 24 followed by a 5.3 percent decline to $4,454.53.

Gold fell to $4,454.53, down 5.3% from its August 24 high, after a hawkish Jackson Hole speech from Fed Chair Kevin Warsh unwound three weeks of gains built on debt-debasement flows.

Gold's Quiet Climb to a 15-Week High Hid the Risk That Just Came Back

August 31, 2026

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