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One of the world’s largest gold producers is ready to invest more in Canada. Fresh off the Canada Investment Summit, Amber Kanwar sits down with Ammar Al-Joundi, President & CEO of Agnico Eagle Mines Limited, for a wide-ranging conversation about Canada’s changing investment climate, the outlook for gold and why he believes this could be a pivotal moment for the country’s resource sector.
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FROM AMBER’S DESK
Our middle child lost her tooth and wrote the tooth fairy asking for $100 and 2 gummies. Two things immediately came to mind: inflation is out of control and this girl knows her worth. That’s what we get for telling her she’s got a million dollar smile.
Here are five things to know today
1.
Stocks surge to lead the week
Oil prices are falling for a fourth session in a row allowing the bond market to calm down about inflation fears. It is ironic that since we got rate hikes last week (Fed, ECB, Bank of Japan) in response to higher energy prices, oil has been a one-way trade lower. This morning stocks are upbeat because geopolitics may be calming down: US President Donald Trump and China’s President Xi Jinping are set to meet Thursday while Trump hinted at Iran meetings on the sidelines of the UN General Assembly. September has been an unkind month to stocks (seasonally typical) but especially to the TSX. The TSX has lagged US markets with only one sector higher: financials. Meanwhile, tech stocks have been the biggest drag. Tech stocks on the S&P 500, in contrast, are the only thing working in September while financials and industrials have been a pain point. “Difficult tape (always seems to be this time of year),” wrote Tavis McCourt of Raymond James, “AI/momentum trade outperforms as investors get concerned that high rates/rate cycle globally/oil prices will dent the Non-AI earnings trend. November/December likely YTD losers play serious catchup (seasonally normal) if oil/rates are flat to down.” Today will be quiet because of Yom Kippur.
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2.
Critical Metals Corp surges 26% on Greenland deal
US President Donald Trump declared the US would now have “complete ability to do what is necessary in Greenland” to secure and defend Americans, but the deal stopped short of encroaching on Greenland’s sovereignty. Rich in critical minerals, the semi-autonomous region of Denmark has attracted interest from China, Europe and America. Critical Metals recently acquired European Lithium giving it full ownership of a rare earth project in Greenland. Other rare earth players like USA Rare Earth, MP Materials, and TMC The Metals Co are all higher in the pre-market.
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3.
Paramount Skydance and Warner Brothers surge on California talks
Paramount Skydance won the bid for the iconic film studio back in February, but states including California are suing to block the deal. Bloomberg is reporting that a settlement could include a financial penalty if Paramount doesn’t distribute 30 films per year in theatres. A fine of up to $30 million per missed film is being reported. Warner Brothers has been trading below the $31/share offer on regulatory uncertainty.
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4.
Lifecos vs banks: the rate debate
A new report from National Bank is weighing what rising rates mean for Canadian financials. Historically, rising rates have been better for life insurance companies than they have been for banks, notes Gabriel Dechaine of National Bank. Rising rates can be bad for the banks because even though margins expand, they can take a hit on lower credit quality and lower credit demand. This time may be different, notes Dechaine, in part because the country is in the midst of many “Nation Building” projects that could spur capex. What may be softness on the consumer side could be offset by commercial demand. Dechaine argues TD is best positioned to benefit because it offers the most margin upside in a higher rate environment and has balance sheet capacity to support a surge in domestic credit demand.
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5.
Artemis Gold buys Vista Gold
Artemis Gold is buying Vista in an all-stock deal that values the company at $427 million and offers about a 30% premium to its 20-day trading average. The deal gives Artemis access to an advanced stage gold development asset in Australia called Mt. Todd. Shares of Vista are up 13% in the US pre-market trade. Artemis is currently focused on developing gold assets in British Columbia but said this deal does not alter the funding or the pathway of that expansion.
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