In this week’s weekly investment research meeting, the team reviews the stellar performance of the alternative assets, asks if its time for gold and silver to take a breather, and looks at some interesting opportunities on the horizon.

We cover technical and macro signals including the S&P 500 (SPY), NASDAQ 100 (QQQ), Canadian stocks, along with deep dives into gold, silver, copper, energy, and natural gas. We also examine capital rotation towards defensive assets, stretched valuations, weakening market breadth risks, and the implications of geopolitical, fiscal pressures, and monetary policy for 2026.

Additional topics include crypto and bitcoin, commodities, emerging market opportunities, and where the team sees asymmetric opportunities–and vulnerabilities developing.

This discussion is for informational purposes only and does not constitute investment advice.

DAVID MACNICOL

B. Eng. Sci, CIM, FCSI
Founder & President, MacNicol & Associates Asset Management

David established MacNicol & Associates Asset Management Inc. in 2001, after an extensive 20-year career in the investment management business, working for Canada Trust, Cassels Blaikie / Citibank, Connor Clark and Cumberland Asset Management.

JOE POCHODYNIAK

CFA, Senior Portfolio Manager, MacNicol & Associates Asset Management

Joseph is a Senior Portfolio Manager at MacNicol & Associates focused on Real Estate, Private Equity, Hedge Funds and alternative asset class strategies. Joseph has over fifteen years of professional experience in asset management and private investment counseling.

KEN REID

CIM, Associate Portfolio Manager, MacNicol & Associates Asset Management

Ken is an Associate Portfolio Manager at MacNicol, specializing in North American mid- and large-cap equities. He is responsible for security selection and asset allocation on behalf of client portfolios, drawing on his prior experience as a Public Equity Research Associate at MAAM, where he developed a strong foundation in equity analysis and research.

LUKE JUHA

Client Relationship Manager, MacNicol & Associates Asset Management

Luke is a Client Relationship Manager at MacNicol & Associates Asset Management Inc., where he focuses on enhancing client success and advancing new firm initiatives.