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A financial reset in progress

In this weeks video we discuss the impact of Trump's tariff policies and why the recent trend in the gold market is indicating that there's a financial reset in progress.

This is our first video of the year and again happy to report that we did 21.3% last year and thus far this year we are up well over 3% now so I'm very very happy with what the portfolio is doing. I have got to admit right now what is going on in the world is just incredible with the Trump victory. He has moved since January 2nd so quickly to implement his policies and the truth be told nobody really knows what his policies are. Initially he started with tariffs against Canada and Mexico and in a very short time he was able to get  Canada and Mexico to acques to his  demands of better border patrol cracking  down on fentel etc so he's really  flexing his muscles and showing that he  is going to use the weight of the American government the American economy  to change things. Now tariffs appear to  be Trump's attack plan or weapon of  choice and normally tariffs are thought  of as very bad things as it creates  incredible costs and incredible  hardships on consumers so specifically I  think what Trump is trying to do is to  rebuild the US economy, move away from  globalism, more to a meral approach where America he says is no longer going to be  the dumping ground for consumer products  but America is once again going to start  manufacturing things. So, this is a massive change in what is going on now. Whether Trump persists on the tariffs or not remains to be seen so it's very hard to draw conclusions immediately, but I think he will continue to use them as leverage. The problem again with tariffs is if he brings tariffs into the US the costs for us consumers go up considerably and it's very damaging to other countries, Canada included. I have to admit I feel a bit sorry for our politicians who have been caught blindsided by this and don't really know what to do because we've never seen this before. Ultimately I think Trump is  trying to as I mentioned strengthen  the US economy's industrial base again  and with the revenue he takes in from  tariffs it's quite possible he may want  to do a tax cut for US citizens which  would in essence be a good thing but  he's going to have a really tough  time with the deficit. Now he's brought in Musk and others to try to cut cost tremendously in government programs but as we sit, the US economy and the global economy are still not in good shape. Currently both gold and silver are up sharply this year and in short what we are seeing is a global reset. Trump has effectively said that he is repatriating US gold back to the US and we’ve seen this through recently a delivery report of I think 400 to 450 tons of gold that need to be delivered from London back to the US. What we’ve seen is a problem with delivery as there’s not enough gold for the huge demand that has come through the comx where these contracts, instead of settling up in cash, are demanding the physical gold. So, this is just a continuation of what we've seen where the world in the globalist structure is no longer going to be the case in all countries and now including the US are bringing their gold home because effectively gold has always been used for international transactions.  I heard a very good quote from Vince Lany (a gold trader) who I listen to his  podcast daily said that for two  generations the government and the media  have been very good at taking gold  out of the equation where a lot of  people don't really understand what gold  is or what its historical practices  or what the historical relevance was and  as we go forward I believe the US and  all countries are repatriating  their gold so that they can use it going  forward. I think this trend is going to continue now. This is a reset much like 1934 where FDR confiscated gold and revalued it so that the US dollar dropped 40% against gold or Nixon going off the gold backing. With this massive  amount of gold being repatriated to the US it is resetting the stage going  forward so  as this takes place I think what  governments and central banks are  looking to do around the world is to  increase the amount of gold they have on  the balance sheet, reduce their US treasury bills and treasury bonds which  is a problem for the US treasury as they  have to issue I believe anywhere from 7 to 9 trillion dollars of bonds this  year. So what I think they're trying to do is  repatriate the gold not go back to the  gold standard but one thing what we have  seen is Judy Shelton wrote a book  recently and Trump nominated her in his  first term for Secretary of the  federal reserve and she did not pass  the approval process. But she wrote a book where she's recommending that the US issue gold back bonds again not necessarily going back to a gold standard but using gold in the process of finance.  

Gold's resurgence in the banking system

In this video we discuss the reasons behind the current bull market in gold. Including gold's history in the banking system and its new elevation as a reserve asset as well as the new BRICS Nation's unit with gold.

Gold's elevation to a tier one asset in the banking system is a massive change that will have significant implications going forward. Gold will now be used in the global banking system in ways we haven’t seen in our lifetime and will become a more relevant asset in the investment world. To understand how big of a change this we are must look back at when it was removed from the banking system originally and why it has come back. Now the current global US dollar-based system was created in 1944 at the Breton Woods conference in New Hampshire. Gold was pegged at $35 an ounce to the US dollar and other countries could peg their currency value to the US dollar as well. This agreement was a huge benefit to the US but had its challenges and weaknesses. The system in its original form began to break down in the 1960s resulting from a massive increase in US dollars globally. The US in effect had created too many dollars when compared to the gold that they needed to back it. Other countries had begun to demand gold for their US dollars because those dollars were not worth what the peg stated. By 1971 the US stopped pegging the dollar to gold at $35 an ounce because countries demanded gold for their dollars and had depleted the US gold reserves ending this arrangement. It essentially let the price of gold float freely in the open market. Gold had been illegal for US citizens to hold since 1934 but in 1975 the US reversed this law, and it was once again legal for US citizens to own gold. January 1st, 1975 was the first day of this change and it was expected that there would be massive demand for gold as a result, but this didn’t happen because at the same time the bank of international settlements conveniently devalued gold's collateral value on bank balance sheets. This move effectively made it much more costly for banks to hold gold and as a result banks in the western financial system sold their gold in massive quantities. This selling value completely crushed the expected increase in gold buying by US citizens. This policy devaluation of gold's value in the banking system helped to drive the price of gold down by almost 50% over the next year and a half, temporarily crushing the bull market in gold however continuing inflation. Problems in the US persisted throughout the mid-1970s and this brought back buyers into gold investor. Demand for gold eventually took the price to a new high of $850 in 1980 but the impact of gold’s demonetization by the banking system would be obvious to market watchers. Massive money printing over the next several decades would drive a stock bond and real estate bull market in which gold as an investment became an afterthought. Gold had been effectively removed from the banking system in 1975 and wasn't needed by investors anymore fast forward to 2019 and gold has once again been brought back into the global banking system. The BIS’s Basal 3 agreement raised gold status from a tier 3 asset to a tier 1 asset. This rule change would effectively remonetize what was originally done back in 1975. This move would now make gold just as valuable as other tier one reserve assets such as US dollars and US treasuries within the banking system. This move means that now central banks and governments, the biggest players in the world, will want to buy gold more than at any time in the last 50 years. This policy change was done with very little fanfare and virtually no business media coverage. Subsequent to this change we have seen massive central bank buying most recently in 2022 and 2023. This central bank buying has helped drive gold to a new current all-time high of $2,800 an ounce. This buying is very likely to continue another factor that is important to consider is that currently the BRICs nations are in the process of creating their own settlement currency or unit using gold. The gold waiting in this unit ensures that gold will be backing payments when settling trade imbalances between these BRICs nations. This new arrangement will increase gold's usage going forward and should help drive the current gold price much higher in years to come. Western nation’s central and commercial banks will be scrambling to accumulate more gold. For this new reality with the revaluation of gold and its possible new use in international trade settlement it is likely that we will see a large change in the relative value between gold and hard assets versus financial assets like stocks bonds and real estate. Gold will rise and financial assets will drop in relation to one another with the ever-increasing global conflicts around the world gold's value and usage internationally will rise as well. Given the changes we've discussed this is why we believe that gold will become an important asset in investment portfolios going forward in order for investors to preserve their net worth and properly hedge the financial assets they own they must have a portion of their portfolio in gold. 

BRICS nations meeting this past week

In this week's video we discuss the important takeaways from the BRICS Nation's meeting that finished last week and a quick note on a summary of our long write up from a few weeks ago.

The BRICs meeting in Russia has now concluded and as expected there were some interesting developments that were brought forward in this meeting. As I've stated before the Breton Woods Agreement that’s been in place since the 1940s with the US dollar as the dominant world reserve currency is slowly whittling away. Now one of the things that triggered this was the US action in removing Russia from the Swiss system. Basically, the US froze Russian assets, swift trading system, and as a result took the Russians off the swift trading system which is basically the system that the whole globe uses. Now having seen these other nations that are afraid of falling on the wrong side of the US said maybe we should help the Russians develop an alternate trading system so that we don’t get frozen out from the trading because of US sanctions. So, the BRICs have really moved quickly in developing an alternative trading system to the US dollar. Now this is a very important development that I can't emphasize enough that's going to influence and affect investors globally. In short the Breton Woods Agreement allowed the US  to have commodities globally priced in US dollars and now this was a huge  benefit because the US could print  lots of money run deficits which they've  done since the early 60s and the excess  money that they were printing and  running these deficits could be absorbed  globally meaning countries outside of  the US always needed US dollars to buy  commodities. Countries were happy to keep US dollars on reserve but also buy US treasuries. Now this is changing because countries have as we've seen with the Ukraine war don't want to have a lot of US dollar assets and treasuries if they run a file of the US. So, this meeting in Russia was very significant to the BRICs settlement system. One of the things that was proposed that Vladimir Putin has said they'd like to produce a BRICs precious metal exchange and commodity exchange so that commodities will trade in their nations under their control as opposed to the west. Right now, commodities have been largely priced in New York City and London although Shanghai has recently developed in the past two decades. By pricing their own  commodities the BRICs nations feel  they'll get a much better price for  their commodities and hence that will  benefit their economy so the BRICs  developing a different trading system  using 40% gold is a big event and as  I've mentioned there's been very little  coverage here in North America on this  so I did a write up last week showing the history of  the US dollar dominance and how it's  changing. We've also produced a short bullet point highlighting the import important points from my article.  I encourage you to look at that and if you have time to read my article again because it's going to have a big impact on investment returns going forward. It's a long-term progression but as it stands now one of the reasons why gold and silver may have run up so much this year is the markets are preparing for what is developing in this BRICs settlement system. So what I  think this means for investors  specifically in the US and Canada is  that over the next decade or two we're  going to see a rise in hard assets like  gold and commodities, oil etc and a  decline in financial assets meaning  stocks, real estate and bonds because  with a different, alternative trading  and currency system, it's going to be  harder to create leverage in this world  and let's face it leverage has been a  massive driving factor between behind  the asset gains in stocks and really  state over the last 40 or 50 years. So please have a look at my article and the bullet points as I think this is a very large issue and a big turning point in how the world does business going forward. 

The implications of the Federal Reserve's first rate cut

In this week's video we discuss the Federal Reserve’s decision to lower interest rates 50 bps, the beginning of a global rate cutting cycle, and what investors can expect in stocks and precious metals.

Yesterday the US federal reserve cut interest rates 50 basis points taking the fed funds rate down from 5 and a half to 5% and this is a very significant event because it means now that the globe is in a loosening cycle the federal reserve has cut rates half a percentage point. This basically allows other central banks around the world to start cutting interest rates and continue to do so as the global economy appears to be slowing. Specifically in the US the federal reserve cut rates believing that the economy now needs help and as a result we’re likely to see many more rate cuts to come over the next one to two years. Now if we look at the bond market the US federal reserve controls short-term interest rates meaning the overnight lending rate between banks is controlled by the federal reserve. However, the bond market is set by traders, investors etc., who every day, buy and sell bonds and determine what the interest rate is for any specific period. So, the fed only controls the short term, the markets control the longer term however the two-year bond is a very important indicator. Jeff Gunak at Double Line Capital who's one of the largest bond fund or fixed income managers in the world always states how important it is to look at the 2-year bond. Now the 2-year bond currently as of yesterday was at 3.6%. The fed funds rate was at 5.5%. This is a difference of 90 basis  points and I read an article the other day where the  author indicated this is one of the  largest discrepancies or differences  between the fed funds rate and the  two-year bond rate 190 basis points and  what it says is effectively that the  federal reserve is behind the curve  meaning the fed now has to catch up to  what the bond market has been saying. So, the two-year bond has rallied dramatically taking yields down to 3.6% and in order for the fed to get a normalized yield curve and a normalized yield curve is when short-term rates are lower than longer term rates. The fed has  to cut at least two full perent  percentage points to normalize the curve  so it looks like we're in for as I  mentioned a lot of interest rate cuts  going forward and what this means is  that effectively central banks around  the world are cutting interest rates to  devalue their currency in order to  stimulate loan growth to reflate  economies but the one problem now is  that inflation that's been coming down  isn't necessarily under control or  finished with. So the fact that the  central banks are making money cheaper  at a time where inflation is still  effectively in the system raises some  real problems so what this effectively  means for investors going forward for  stocks it's quite likely stocks may  rally initially on the euphoria of  interest rate cuts however the reason  interest rate cuts are occurring as I  mentioned is because the economy is  weakening and with a weakening economy  it's quite likely we will see earnings  numbers for the US economy and for  stocks coming down. So, the stock mark market could be vulnerable over the next 3 to 6 months for precious metals and commodities it's quite bullish. As I mentioned the currencies of the world are going to be devalued by lower interest rates and as a result hard asset could do very well. So, for investors going forward it's important to remember we have just started an interest rate cycle lowering the cost of money and as a result we will see I think very volatile markets and a lot of uncertainty going forward. I do expect the precious metals to continue to rally on the continued inflation fears and the geopolitical problems that are occurring right now in the world. 

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Economic news

Economic Impact

To keep you informed and stimulate your thinking, Stéfane Marion and Denis Girouard take a look at economic news and share their perspectives in our monthly informative videos.

Hello everyone, welcome to Economic Impact. It's September 2nd, 2025, and as usual, I am with our friend and Chief Economist Stéfane Marion. Hello Stéfane.

Hi Denis.

Well, it's been a while since the last meeting, but you know, things are pretty good on the stock market.

It's been a while, but it's been eventful and one thing that you know not too many people expected, myself included Denis is the great performance of global equity markets up 10% year to date. Every region of the world is delivering positive returns. Note Denis that the second-best performing index among the main regions is the Canadian one, up 15%. So, again, we weren't expecting this, but I have to say, Denis, people were saying there's going to be a tariff war. It hasn't been a tariff war. It's been unilateral U.S. protectionism because U.S. is imposing tariffs, but there's no retaliation or very limited retaliation from other parts of the world. So, it's not your textbook tariff war. Maybe that explains the perspective, you know this performance of the stock market saying well maybe the global supply chain is not entering tremendous uncertainty, which I'm not certain about.

Yeah, at the same time, when you're looking at the economic news, it's kind of disturbing because you look at the GDP in Canada and it's not that good.

OK, so based on current news, can you justify 15% for Canada? GDP is not doing so well. I know a lot of people are saying, well, it's proven to be resilient. GDP is just down 1.6%. Consumers are still spending, but gross domestic income, which looks at all the revenues generated in Canadian economy, that was down almost 3%. That's the worst we've seen since COVID. So obviously, Denis, if people have less money and corporations are generating less revenues at this point in time, you could probably say that this might lead to an underperforming economy yet in the second half this year. So, Q2, there's not much of a rebound in place, I think for the second half of the year at this point in time. 

And at the same time, we see that the labour market is not that great now.

No so the GDI is the most correlated one with labour markets. So, less revenues in economy, generally speaking, that means corporations will invest less and they won't hire as much. So, diffusion unemployment right now, there's only 35% of corporations that are actually hiring, so below 50%. It's a figure we haven't seen outside periods where the economy is still in contraction. So again, great performance of the stock market, but it's mostly based on expectation as opposed to current news, which is not so good, but it does open the door for rate cuts by the Bank of Canada.

OK. But talking about expectation, you know, since the last time, Mr. Carney is doing a lot of announcements, you know, to promote and to give more money to the economy and the investing and a lot of sectors and it's quite unusual too.

Yeah, it's automatic about making Canada investable again because we've had no growth in business investment for the past 15 years. So, one thing, one of the big news, that’s been announced since we last met: deregulation. So, Mr. Carney is looking at this, looking also at valuing, putting more emphasis on natural resources, perhaps selling LNG to Germany, for example. But importantly, going forward for the stock market, the new commitment to spend up to 5% of GDP and defence spending, something we haven't seen since the Korean War, is a big deal Denis because it probably leads to a period of reindustrialization for the Canadian economy. So, in essence, that would mean that we transform our resources here in Canada and manufacture some of these resources. So, that might be why the stock market is performing so well as opposed, you know, to just, you know, current news. 

And maybe Mr. Carney was listening to you, because way back then, you know, you showed us a slide where, you know, the Canada industrial base was one of the lowest from the country.

So, the message we've been conveying to the authorities is that you can't be the 7th largest economy in the world and you're having a manufacturing sector that's 18th in the world, which means you're not, you're basically exporting raw resources to the rest of the world and you're shrinking your manufacturing sector. So, this is why there's a made in Canada solution to reindustrialize Canada. And maybe we can leverage what we want to do on the military side to promote an increase in manufacturing. Our manufacturing sector is just too small. If we can get a system where we can get a procurement to Canadian industries to boost their defence spending, that could be good for the Canadian economy and sustain the valuation of the stock market.

And that's probably what the stock market is telling us right now.

There could be some of that.

Maybe.

Yeah.

OK, now we need to talk about tariffs because it's, you know, we're talking about that everyday almost. What's the impact of the tariffs?

So, again, it's not a tariff war. It's unilateral protectionism. There was a meeting between China, India, and Russia this weekend. They want to change the supply chain. At the end of the day, I understand that the Q2 earnings season was better than expected globally and in the U.S. Denis. But note that it's only in the second quarter, at the very end of the second quarter, June to be precise, that the U.S. started collecting tariffs on a significant scale and it's increasing now. And so, the impact, the true impact of tariff collection, it was more likely to be observed in the third quarter, in the fourth quarter of this year as opposed to the first half of this year where they were announced, but they weren't collected.

And for the inflation, you know, we're expecting inflation to rise its state quite at the same level, you know, 3% for a while.

So, there's a belief in the market there and there's been tariffs. There's been no impact on inflation. Well, it's only starting now Denis and the latest news on inflation suggests that, the July numbers suggest that, you know what, over the past three months, core inflation is running at 3%. The 12-month change is actually accelerating at this point in time. So, you're well above the target, you know, normally, the 2% target that, you know, the central banks are looking at. So, it's going to make it hard for the Fed to cut rates. They will be cutting rates in in the weeks ahead, but how much can they cut when inflation is accelerating?

Yeah. And at the same time, you know, we're seeing peak in long-term rates.

So, you're absolutely right. If the bank, if the central bank cuts rates and the long end of the curve becomes de-anchored because they're not sure about, you know, whether the Fed's going to be politicized and what type of, there's a lack of discipline in government spending right now. What is unusual, and you have to go back, way back Denis to see the last time that the Fed was reducing interest rates and yet the 30-year bond yield is moving higher. And that's a global phenomenal: lack of discipline at the fiscal level in many countries, but the U.S. running a deficit of 6%. This will be important to watch Denis. This will be a key driver for financial markets in the months ahead.

Then we can see a steepening of the yield curve. 

Definitely a steepening under these circumstances. You're right.

OK, before the end, we need to talk about currency, especially the greenback.

So, you're talking about a potential steepening of the yield curve, maybe long-term rates moving higher at a time where 30% of the entire U.S. bond market is held by foreigners. Denis, if they're skeptical about your outlook about inflation, your commitment to keep inflation at 2%, you're going to shun the U.S. dollar. It's exactly what's happening right now. And U.S. dollar at a cyclical low. I think there’s scope for more downside, Denis, at the end of the day. So, that would mean, yeah, you know, the price of U.S. dollar alternatives be it gold alternative assets, even commodities, might be a lot more resilient because of this U.S. dollar depreciation. So, the point being Denis that we haven't seen the last of this tariff policy on the impact of financial markets. So, we've had no volatility or very little volatility this summer. I can't guarantee you the same for the next few weeks, next few months. So, let's be prudent. That's seasonally, that's not an easy season for financial markets or the stock market. The long end of the curve will be important to watch.

OK, Stéfane, our last meeting you were quite optimist. Are you still very optimist?

I'm, you know, from a Canadian perspective, I'm still optimistic in a sense that Ottawa has finally deployed policies that might be more structural in nature and good for the economy. But this type of stimulus won't come before 2026. So, I'm optimistic that we're going in the right, moving in the right direction, but doesn't mean there won't be any volatility in the weeks and months ahead. I need to tame the long end of the curve for global financial markets. And then Ottawa, I need to deliver on the fiscal plan and the budget won't come before later this fall.

Well, thank you, Stéfane, and thank you all of you who are listening to us. But above all, don't miss our next meeting early October. Thank you.

5 • 4 • 3 Market Outlook

5 minutes, 4 graphs, 3 key takeaways! Discover a fresh focused quarterly review of markets, the economy and investments with expert Louis Lajoie from our CIO Office.

Hello everyone. Today, September 4, we're going to take a few minutes to look back on the key events that have happened over the summer months for the economy, for markets, as well as what this all likely implies for investors going forward.

Without further ado, we must say that we have enjoyed a remarkably clement summer on the financial markets with for instance equities remaining well anchored on an upward trend, now up by about 13% year to date and even almost 18% for Canadian equities, which continue to outperform, thanks notably to good returns on the part of the materials sector. But what really stands out from the last, the last few months is just how little volatility we saw across financial assets with bonds, for instance, still treading water, but also even on the currency front, which for the most part have essentially consolidated their recent moves or moves from earlier in the year in the case of the Canadian dollar, that's a gain against the U.S. dollar.

So quite a contrast with the extreme volatility from earlier in the year, a contrast that can be largely explained by the fact that the most severe fears that were stoked by the arrival of the U.S. economic agenda have simply not materialized into actual economic data. For instance, inflation continues to largely send the same signal message it was saying earlier before the arrival of tariffs, with for instance Canadian inflation around 2% and U.S. inflation higher, in their case around 3%. So that remains something to keep a close eye on.

But behind these figures, there seems to be a shift in the backdrop, an inflationary backdrop. When you ask U.S. small businesses what is your most important problem right now, you see that the answer is less so inflation as before and increasingly so poor sales that are becoming problematic. And that is an important change in the backdrop because the more sales top line growth is problematic, the more, the higher the chances that eventually that will result into layoffs. And that explains effectively the tight relationship between poor sales and the unemployment rate. So, we'll have to keep a very close eye on how the labour market will evolve over the coming months.

And, accordingly, how the U.S. Federal Reserve will adjust its policy stance against these changing conditions. We are already starting to see a bit of a change in tone, a change in guidance, with President Powell, for instance, saying that the balance of risks appears to be shifting, essentially opening the door to rate cuts. Now that may seem insignificant as a statement, but bear in mind that equity markets and financial markets are entirely focused on the future, not present conditions. And that's why policy guidance is absolutely crucial for financial markets. And effectively, if you look at the last few years, very often key turning points in equity markets were not at key turning points in present conditions in the economy, but at key turning points in policy guidance, mostly from the Fed. But that's also the phenomenon that we have witnessed with the tariffs policy earlier in the year. And for as long as global economic activity remains relatively decent, as we expect, that change in tone at the Fed could actually help support equities to keep staying on an upward trend.

All right, three takeaways for today. Again, as I was saying earlier, the last few months, essentially the relative calm after the tariff storm, given that that storm didn't produce as many damages as initially feared, although the economy is definitely transitioning towards greater pressure on labour markets, which will likely lead to a change in interest rates towards the downside south of the border, a few rate cuts. For investors, what this all mean is summer is over. What I mean by that is we should reasonably expect volatility to pick up at some point. That would be entirely normal. But nonetheless, there is still grounds for optimism given resilient earnings growth and, again, a more favourable policy backdrop.

That's it for today. Thank you for listening and we will talk again in December.

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