PDAC 2026: Gold and copper are the go-tos as investors seek tangible assets amid ongoing global uncertainty

Gold notched a record year in 2025. Photo by David Gray/Bloomberg filesArticle contentA shift is coming in how the public views mining as investors seek tangible assets amid the United States dollar‘s declining power and persistent global uncertainty, say mining executives.Sign In or Create an AccountEmail AddressContinueor View more offersArticle content“I’ve been a big fan of gold and precious metals for a long time and always felt that that’s money. And fiat currencies are not money; they’re pieces of paper,” Rob McEwen, chair and chief executive of gold and silver mining company McEwen Inc., said while on a panel about mining finance at the Prospectors & Developers Association of Canada convention in Toronto on Tuesday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle contentHe said mining stocks represented 11 per cent of global equities in the 1950s and 1960s, but now only make up three per cent. He said that could soon rise to five per cent or eight per cent, or even 10 per cent.Article content“You’re seeing a shift coming as people become more aware of the necessity of metals to sustain modern civilization, and there’s not enough material to be recycled to satisfy the demand that is now surfacing,” he said. “It’s the beginning of a rotation from growth stories to value stories. And value is metal.”Article contentPanellists chose gold and copper as their top picks for which commodities will perform the best over the next 12 months.Article contentAfter gold notched a record year in 2025, any chaos or conflict leading up to the U.S. midterm elections in November could support the price of gold, said Jackie Przybylowski, vice-president, capital markets, at royalty and streaming company Gold Royalty Corp.Article content“Whether the Republicans or the Democrats succeed in the midterm elections, either way, U.S. spending continues to go up,” she said. “We’ll probably see that through this year, through next year, and into the next full presidential election term. De-dollarization, or a weaker U.S. dollar, is generally positive for gold as well.”Article contentArticle contentIlan Bahar, co-head of BMO Capital Markets’ Global Metals & Mining Group, said stockpiling could be a prominent theme that drives commodity prices over the next year.Article contentRead More PDAC 2026: Ontario launches review of critical minerals strategy as the world has 'dramatically' changed PDAC 2026: New Brunswick says it wants to be the 'best place' to mine in Canada Article contentHe pointed to Project Vault, a partnership between the Export-Import Bank of the United States and the U.S. government to establish a U.S. strategic critical minerals reserve, which would likely include copper.Article content“When you think about (the next) 12 months, there’s a great opportunity for copper because of the short-term pull on the commodity as a result of government action and also just the various conflicts we’ve seen,” Bahar said.Article contentNawojka Wachowiak, senior portfolio manager at Ninepoint Partners LP, said one thing she’s seeing is big price disconnects.Article content“You could have one company that’s worth $100 million, another one that’s $300 million and, really, there is no difference in the asset base,” she said. “I’m surprised to see that level of disconnect this far into the rally. There is definitely a lot of momentum in the producers and the mid-caps.”Article contentWachowiak said there’s a lot of value left in junior miners and that, overall, the industry has not been capitalized further downmarket.Trending Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News Why the Canadian dollar is bearing up as the surging greenback punches a hole through other G10 currencies Economy Housing affordability improves yet again, though not for the right reasons Real Estate Atlantic Canada's energy isolation is getting worse as East-West pipeline divide persists Oil & Gas Heading for a mortgage default? Bank of Canada research lays out three telltale signs Mortgages Article contentShe said what sets the outperformers apart is ticking off three checkmarks: consistent operating performance, free cash flow and, in particular, a focus on political jurisdictional risk.Article content“That has been more of a theme in this cycle than we’ve seen in previous cycles,” Wachowiak said. “But it seems that if you have two out of those three things, you’re doing pretty well. But you have to have at least two.”Article content• Email: jswitzer@postmedia.comArticle contentShare this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News Why the Canadian dollar is bearing up as the surging greenback punches a hole through other G10 currencies Economy Housing affordability improves yet again, though not for the right reasons Real Estate Atlantic Canada's energy isolation is getting worse as East-West pipeline divide persists Oil & Gas Heading for a mortgage default? Bank of Canada research lays out three telltale signs Mortgages