“`html
Precious metals have outshone even the hottest tech stocks this year, and Canadian mining companies are poised to benefit as economic conditions shift.
Canadian Miners Could Have currency Tailwinds in 2026
Table of Contents
Investors are finding gold and silver are beating out gains from the S&P 500, tech giants, and even Bitcoin.
- Precious metals have outperformed major stock indices and Bitcoin in 2025.
- Canadian miners can benefit from a weaker Canadian dollar against the U.S. dollar.
- canada’s shrinking economy may led to faster interest rate cuts, boosting the currency tailwind.
- Agnico Eagle Mines,Pan American Silver,and Wheaton precious Metals are three Canadian miners to watch.
The precious metals trade has been the strongest on Wall Street this year, outpacing gains from the S&P 500, the tech-heavy Nasdaq, and Bitcoin. Investors frequently enough don’t complain about 18% gains in major stock indices, but precious metals have even beaten some of the tech sector’s most prolific AI hyperscalers in 2025. the outperformance of gold and silver highlights the uncertainty that persists in the geopolitical landscape.
Of course, investing in precious metals comes with drawbacks too. Holders of physical gold and silver face unfriendly taxation, and mining companies are often wracked with operational challenges and lengthy timelines. To invest in the mining sector, you need well-run companies with access to resources in trustworthy jurisdictions.But you also need macroeconomic tailwinds,and Canadian miners could have an additional weight removed from their sails in 2026.
Canadian miners typically perform well when gold prices rise while the Canadian dollar exchange rate falls. Since Canadian miners pay their expenses in CAD but sell their product in USD, a weaker CAD translates to higher profits. Canada’s economy is currently shrinking, which could lead to faster interest rate cuts from the Bank of Canada.Lower interest rates typically weaken a currency, providing an additional tailwind for Canadian miners.
1.Agnico Eagle Mines: Size and Stability
Agnico Eagle Mines is the largest gold producer in Canada, and one of the largest globally. The company reported strong results in Q3 2025, producing more than 867,000 ounces of the shiny stuff in Q3 2025, helping it surpass analyst expectations for both EPS and revenue.
Agnico’s size and stability make it an attractive stock for investors; its mines are located in safe jurisdictions such as Canada, Finland, and Australia, and record gold prices have enabled the company to invest in expansion. Agnico launched 120 new drill rigs in Q3, which could add more than 1.5 million ounces to its coffers in the coming years.
2. Pan American Silver: Acquisitions to Stabilize Performance
Pan American Silver operates out of Vancouver, but the location of its mines creates more volatility than Agnico Eagle Mines. PAAS drills in regions in countries like Peru, Argentina, Bolivia, and Mexico, which offer less geopolitical stability and therefore more risk to investors.
Though, the company is attempting to address the problem with acquisition volume. Pan American previously acquired Yamana Gold to diversify operations, but the acquisition of MAG silver’s Juanicipio mine has been a massive boon, allowing the company to boost production guidance to 22 million ounces in 2025. Pan American also reported record cash flow in Q3 2025, allowing management to raise the dividend.
3. Wheaton Precious Metals: High Margins and Flat Costs
If you want to eschew the hassle of mining,consider Wheaton Precious Metals. Wheaton doesn’t actually own or operate any mines. Rather, they provide upfront capital to miners in exchange for a percentage of the mining haul, usually at a low fixed price (known as a streaming business model). While this setup means WPM is less affected by movements in the spot prices of gold or silver, it also allows for a high-margin business with very predictable expenses.
WPM has contracts with more than 40 miners worldwide, including companies operating in the U.S., Mexico, Canada, Brazil, Chile, and parts of Africa. It reported record revenue in Q3 2025, reiterating its full-year guidance of 600,000 to 670,000 Gold
