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Heather Exner-Pirot is the director of energy, natural resources and environment at the Macdonald-Laurier Institute.
The Trump administration has thrown the global financial system into chaos with its tariff threats. Few sectors have been spared, save one: gold. The precious metal has emerged as a preferred safe haven for investors. Gold has been regularly hitting record prices, including new highs last month of US$3,500 an ounce.
Canada, as the world’s fourth largest producer of gold, has benefited from this trend. For several months now, the commodity has surpassed passenger vehicles as the country’s second largest export. In December, Canada’s monthly mineral product exports hit the $10-billion mark for the first time ever, with gold accounting for more than half.
Much of the talk in mining for the past few years in Canada has focused on critical minerals. The federal government’s list of 34 such commodities, designated owing to their importance to supply chains, energy technologies or national security, does not include gold, which is primarily used to make jewellery or stored as bars in bank vaults.
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