Podcast
Gold
Will Simpson and Greg Wise
August 11, 2025
Gold is a top performer in uncertain markets, benefiting from geopolitical tension, potential rate cuts, and a weaker U.S. dollar.
Greg and I talk about what’s been driving gold to all-time highs this year.
A complete reversal from the turmoil last week as most markets rebounded and had a very strong week. The TSX gained 2.8%, led by a huge surge in Info Tech, mostly Shopify (+25%). U.S. markets also pushed higher in CAD terms, with the S&P 500 up 2.1% and the Nasdaq climbing 3.5%, helped by strength in Tech and Consumer Discretionary. Overseas, Europe led the charge with a 4.2% jump, while Japan and Emerging Markets each added around 2.2%–2.5%.
The spark for the rally came from a sharp turnaround in interest rate expectations. After weeks of talk about the Fed holding steady, a softer July payrolls report, weak ISM surveys, and rising jobless claims sent markets sprinting back toward rate cut bets. The odds of a September Fed cut now sit above 90%, which was only 40% a week ago.
The shift wasn’t just a U.S. story, global central banks remain tilted toward easing. The Bank of England and Bank of Mexico both trimmed rates this week, while Canada’s soft July jobs data revived talk of BoC cuts. Trade uncertainty still lingers, but for now, markets seem content with the prospect of looser policy ahead, even if the inflation balancing act is far from over. Next week’s U.S. CPI will be a key test of whether this rate-cut optimism has room to run.
If you have any family or friends that we may be able to help, we are here as a resource. We are here working for you.
We want you to be wealthy. We want you to feel wealthy.
We want you to Realize your Wealth™.
Best,