The Canadian Index

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Bar chart showing gold miners rising and Canadian bank shares falling on the TSX, led by a 2.8 percent gain for Franco-Nevada.

Canadian bank shares and gold-linked miners moved in opposite directions this week, with Franco-Nevada leading gainers at 2.8 percent as bullion traded near a two-month high, while Big Five bank shares declined alongside a renewed climb in Government of Canada bond yields. The split illustrates the availability heuristic: client conviction tends to follow whichever headline landed most recently, gold's safe-haven story or banks' rate sensitivity, rather than either sector's underlying fundamentals.

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 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.

Gold's Record Week Made the Story Feel Settled. Monday Already Disagrees.

August 10, 2026

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Bar chart showing Franco-Nevada's quarterly earnings surprise turning negative 7.7 percent in the second quarter of 2026.

Franco-Nevada's second-quarter earnings landed 7.7% below the consensus estimate analysts had published in advance, even though the company…

Franco-Nevada Beat on Almost Everything. The Market Will Only Remember One Number.

August 12, 2026

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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 showing gold's spot price climbing about 10 percent since August 3 to reach 4,657 dollars an ounce.

Gold's August rally began when an expanded US Treasury bond buyback pushed yields down on August 19, but the yield move fully reversed within hours the same session.

Gold's Rally Survived the Death of Its Own Trigger

August 24, 2026

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Bar chart of individual TSX stocks showing gold miners and bank shares leading a Thursday rebound.

The TSX Composite gained 172.06 points Thursday, recovering less than half of Wednesday's 415.92 point drop tied to the Fed's decision and renewed Iran strikes.

The TSX Gained 172 Points Thursday. Gold Miners and Bank Earnings Did the Work, Not a Broad Rally.

July 31, 2026

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