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High stakes, narrow margins: Canada’s federal budget bets on investment-led growth

 November 05, 2025 |Cynthia Leach, Robert Hogue, and Salim Zanzana
Overall, the story of Budget 2025 is as expected. There is big new spending and deficits that would be even larger without review savings. Buffers are slim against the two fiscal anchors of a balanced operating budget by 2028-29, and a declining deficit-to-GDP...
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Gold’s regime change?

Gold’s regime change?

 June 27, 2025 |Joseph Wu, CFA

The longstanding inverse relationship between gold and real interest rates seems to have broken down, suggesting new forces—central bank buying, geopolitical uncertainty, and portfolio diversification—have a larger role in driving demand for bullion.

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December Q&A Call with Andy

Since our last Q&A call there has been lots of activity in the markets in addition to several important developments on the economic, political, and scientific front. With this in mind, Andy hosted a conference call on December 9th to answer any questions that our clients might have had as we head into 2021.