Gold is trading near record highs after a volatile stretch, with investors reassessing whether the metal’s powerful rally still has room to run. Attention is shifting toward central bank demand, currency movements and whether gold remains under-owned in portfolios.
BNN Bloomberg spoke with Brooke Thackray, research analyst at Global X Investments Canada, about gold’s outlook, silver’s relative performance, pressures facing Air Canada and expectations for Shopify ahead of earnings.
Key Takeaways
- Gold remains volatile in the near term but is expected to consolidate after its surge to record highs.
- Central bank buying, particularly from China and emerging markets, continues to underpin long-term demand for gold.
- Silver may underperform gold as retail-driven demand replaces institutional and central bank interest.
- Air Canada faces added pressure from flight suspensions but lacks clear catalysts for sustained upside.
- Shopify could rebound on earnings as investors focus on its role in AI-driven shopping, though risks remain for weaker guidance.
Read the full transcript below:
ANDREW: Gold has been blasting to new records this year and is holding today. Last time I checked, it was above the US$5,000 level. Are those long-term drivers still in place — so-called currency debasement and the like?
We’re joined by Brooke Thackray, research analyst at Global X Investments Canada. Brooke, thanks very much for joining us.
BROOKE: Thank you.
ANDREW: One big question with gold is whether it has become a crowded trade. Has everyone already done their buying?
BROOKE: I don’t think so. If you look at excitement around gold in the media, it’s been really hot. But if you look at actual investors buying into the gold trade — buying gold ETFs — it’s still been quite small in Western markets.
Gold is still a relatively small portion of investor and institutional portfolios, so I don’t think we’re done. The drivers are still there. Central banks, particularly in the East, are still buying a lot of gold. China just announced it has had 15 months in a row of net gold buying.
The major drivers are there. We’ve seen volatility, obviously, and I expect that to continue, but I think we’re going to be range-bound for a bit.
ANDREW: What about silver? A strategist at BNP Paribas says silver, which has had an incredible run, is likely to underperform gold in the near term because it doesn’t have the same cachet or established role as a hedge against political risk.
BROOKE: That’s right, and central banks aren’t buying silver. Silver had a fantastic run and became almost a bit meme-like, and I don’t think that continues at the same pace.
If you look at the gold-to-silver ratio, silver was extremely cheap in early 2025 and has now moved back toward historical averages. The silver trade has really been driven by retail consumers, particularly in the East, so it’s a bit different. I think gold can probably perform a little better than silver from here.
ANDREW: Let’s look at a five-year chart of the U.S. dollar. If there were a major rally in the greenback, that would presumably put pressure on gold.
BROOKE: Yes. That relationship has broken down several times over the past couple of years. But during a consolidation period, if we see the U.S. dollar strengthen, that would likely put pressure on gold and silver.
Previously, we’ve seen the U.S. dollar do reasonably well while gold also performed strongly because investors were focused on currency debasement. That narrative has pulled back a bit, and markets are reacting more closely to the dollar again.
We saw the U.S. dollar weaken in international markets yesterday and gold did well, so a lot depends on the U.S. dollar. It’s one of the most important variables investors should be watching right now — even stock and bond investors — because it affects far more than just gold and silver.
ANDREW: What about Air Canada? We’ve learned that WestJet, Transat and Air Canada are suspending flights to Cuba because of the fuel crisis on the island. What’s your view on Air Canada? Are you interested in the stock?
BROOKE: I don’t think the Cuba situation is a major issue for Air Canada in the grand scheme of things. In late 2025, we had the flight attendant strike, and more recently we’ve seen airlines, including Air Canada, cut back trips to the U.S., which has had some impact.
International travel has remained surprisingly strong, but I think it’s a bit precarious going forward. Consumer spending among lower-income groups has dropped off sharply, and while higher-end travel has held up, I’m concerned that could turn down later in 2026.
Air Canada has really consolidated over the past while and hasn’t done much. It’s had a few pullbacks and hasn’t been a great performer. I don’t see major drivers to push the stock meaningfully higher right now, and it’s not one I would be looking at.
ANDREW: What about Shopify? It’s getting a decent rally today, but it’s still well down from the start of the year. It was around $215 at the beginning of the year and is now about $171 in Toronto trading. Is this a name you’re interested in?
BROOKE: I think we could see a bounce in Shopify. We saw that yesterday and again today, with earnings coming before the bell tomorrow. Investors are positioning for those results.
The AI landscape is very fluid in terms of who’s winning and who’s not. Software stocks as a group have been pummeled, and Shopify was caught up in that. We saw Thomson Reuters drop sharply recently following announcements related to agentic AI experiences.
Where consumers will really experience AI beyond search is likely in shopping, and Shopify is investing heavily there through the Universal Commerce Protocol. The goal is to create an agentic shopping experience where AI can find products, compare them, apply discounts and complete purchases.
There will be winners and losers, and I think Shopify is well positioned because of its scale and client base. Smaller players may struggle to keep up.
ANDREW: I’ve noticed that Amazon ads on Prime now let you click directly to buy products. We’re clearly still in the early days of this.
BROOKE: Absolutely. And if you look at Google, there’s been criticism — including from U.S. Senator Elizabeth Warren — about Gemini taking users directly to checkout. The shopping space is going to become extremely competitive, but Shopify is still in a strong position given its existing ecosystem.
ANDREW: Brooke, thanks very much.
BROOKE: Thank you.
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This BNN Bloomberg summary and transcript of the Feb. 10, 2026 interview with Brooke Thackray are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
