The Street for Wednesday, Dec. 24, 2025

Key Concepts

Gold & Precious Metals: Significant price surge in 2025, driven by geopolitical tensions, central bank buying, and stablecoin demand. Record highs reached for gold, silver, and platinum.
Global Economic Factors: US Dollar weakness, expectations of further US interest rate cuts, and concerns about US fiscal policy impacting market sentiment.
Private Markets: Increasing scrutiny and potential loss of allure due to liquidity concerns and difficulty in valuation.
Large Cap Stocks: Discussion of Tesla, Microsoft, and Nike, with analysis of their performance, challenges, and future prospects.
Craig’s Cookies: A case study of a successful Canadian business built on a unique product and strong brand identity.
US Fiscal Policy: Concerns surrounding the “One Big Beautiful Bill” and potential impact on bond yields and market stability.

Market Overview & News Highlights (December 24th, 2025)

The broadcast opened with a review of key market news, highlighting significant movements and developments as of Christmas Eve, December 24th, 2025.

Financial Deals:

Quantum Minerals & Global Pandoro: Quantum Minerals agreed to sell the Las Cruces mine in Spain to Global Pandoro for up to $190 million USD, plus profit-linked payments. The deal is expected to close in the first half of 2026, enabling Global Pandoro to develop the polymetallic sulphide project.
Sanofi & Dynavax: Sanofi is acquiring Dynavax for approximately $2.2 billion USD to expand its vaccine business, specifically gaining access to a marketed Hepatitis B vaccine in the US. This comes amidst challenges for Sanofi, including FDA rejection of a multiple sclerosis drug.

Commodity Markets:

Gold Reaches Record High: Gold futures surpassed $4,500 USD per ounce, reaching a new all-time high. The spot price exceeded $4,485 USD. This surge is attributed to escalating tensions between the US and Venezuela, expectations of further US interest rate cuts, and safe-haven demand. Gold has gained over 70% in 2025, and silver has risen 150%, marking their best annual performance since 1979.
Silver & Platinum Records: Silver and platinum also hit record highs, mirroring the upward trend in gold.
Copper Price Increase: Copper in London reached $12,000 USD per ton for the first time this week.
Oil Market: Oil prices remained stable amid speculation of potential US military action against Venezuela.

Equity Markets:

US Futures: US stock futures indicated a potentially softer open, following record highs for the S&P 500 and TSX Composite the previous day.
Asian & European Markets: Asian markets showed some selling pressure, while European markets were mixed.
TSX Performance: The TSX Composite breached 32,000 for the first time, hitting a record high. Bausch Health jumped 5%, while Lithium Americas and Silvercorp experienced declines.
Western Canadian Select: The Alberta Heavy Oil benchmark increased by $0.63.

Interview with Steve Rolls – Market Analysis

Steve Rolls, Senior Portfolio Manager at Trivest Wealth Counsel Wellington Altus Private Counsel, provided insights into the market dynamics.

Gold’s Performance: Rolls attributed the unprecedented rise in gold prices to a combination of traditional factors (global tensions) and new drivers, including central bank buying (excluding the Bank of Canada) and demand from stablecoins. He noted the weakening US Dollar (down approximately 10% for the year) as a contributing factor, benefiting all commodities.

Bond Market Dynamics: Rolls highlighted the divergence between short-term and long-term bond yields. While the US Federal Reserve has cut rates, the 10-year Treasury yield has actually increased due to concerns about US fiscal policy and the substantial $1.8 trillion in projected borrowing. He drew parallels to the Canadian government’s response to bond auction failures in the 1990s under Paul Martin. The Canadian 10-year yield has risen from 3.22% to 3.50%, steepening the yield curve.

Investment Strategy: Rolls stated he prefers to gain gold exposure through mining companies, specifically citing Agnico Eagle Mines (AGN) as his favourite Canadian pick due to its low all-in sustainable cost (under $1,500 USD per ounce at a $4,500 USD gold price). He also acknowledged the value of gold streamers like Franco-Nevada (FNV) and Wheaton Precious Metals, recognizing their lower downside risk but also reduced upside potential.

Private Equity Concerns: Rolls expressed caution regarding the increasing popularity of private equity, emphasizing the lack of liquidity and difficulty in valuation. He warned that the bond market is a leading indicator and that the current environment could lead to “bond vigilantes” demanding higher yields.

Interview with Craig Pike – Craig’s Cookies Success Story

Craig Pike, Founder and CEO of Craig’s Cookies, shared his entrepreneurial journey.

Business Origin: Pike started the business in 2013 as a side hustle while pursuing an acting career, selling cookies made from his mother’s recipe on his bicycle. The business grew organically through social media and eventually expanded to 23 locations across Canada (primarily in Ontario, with one in Newfoundland and a new location in Calgary).

Unique Selling Proposition: Craig’s Cookies differentiates itself by embedding popular chocolate bars (Oreo, Mars, Peanut Butter Cup, Twix) and even unconventional items like chicken nuggets and pizza into their cookies.

Franchise Model: Pike emphasized the importance of finding franchisees with strong business ethics and a commitment to creating a positive work environment, including benefits and mental health support. He also highlighted the importance of supporting local communities and embracing diversity.

Challenges: Pike acknowledged the challenges of navigating bureaucracy and red tape, but emphasized the importance of listening to his team and seeking advice from experts.

Analyst Calls & Further Market Discussion

Tesla (TSLA): Rolls expressed caution regarding Tesla, citing its high valuation (300x earnings) and volatility. While acknowledging its technological advancements, he doesn’t include it in client portfolios.
Nike (NKE): Rolls advised against investing in Nike, citing tariff concerns, challenges with its direct-to-consumer business, and dependence on manufacturing in China and Vietnam.
Microsoft (MSFT): Rolls remains optimistic about Microsoft, viewing it as a crucial infrastructure technology company benefiting from the AI revolution and its partnership with OpenAI.

Conclusion

The broadcast provided a comprehensive overview of market conditions on December 24th, 2025, with a focus on the surging gold market, concerns surrounding US fiscal policy, and the evolving landscape of private markets. The interviews with Steve Rolls and Craig Pike offered valuable insights into investment strategies and entrepreneurial success. The overall tone was cautiously optimistic, with a recognition of both opportunities and risks in the current economic environment.