Canadian Gold Stocks Rallied 15% in Five Sessions. Gold Rose 4.5%
Canadian gold stocks rose far faster than the metal last week. The iShares S&P/TSX Global Gold Index ETF (XGD.TO), a global gold ETF standing in here for the complex, rose 15.51% over the five sessions from the October 30 close to the November 6 close, while the December gold contract rose 4.51% and the S&P/TSX Composite rose 0.47%. Individual names moved between 10.77% at Barrick Mining and 22.81% at IAMGOLD. Every price in this piece is a daily closing price through Friday, November 6, 2026, from Yahoo Finance.
That gap is not one relationship. Over the first four sessions of the window the proxy moved at 2.20 times the metal. Friday was the session the two lines came apart: gold closed lower and the complex rose anyway. Without Friday the window runs at that same 2.20 times, and Friday is what lifts it to 3.44.
The window also starts at a trough. Over the whole stretch back to the October 20 close, the proxy gained 2.82% and finished at its highest close of those thirteen sessions, while the December gold contract lost 1.63% and ended below its own high for the stretch. Barrick Mining reported third quarter 2026 results at 06:00 ET this morning, and its per-ounce lines are a hard read on what gold at these prices is paying a Canadian producer.
Four sessions at 2.2 times the metal, and one that came apart
| Oct 30 close | Nov 6 close | Change | |
|---|---|---|---|
| IAMGOLD (IMG.TO) | 21.53 | 26.44 | +22.81% |
| Wheaton Precious Metals (WPM.TO) | 162.43 | 192.17 | +18.31% |
| Agnico Eagle (AEM.TO) | 230.79 | 270.75 | +17.31% |
| Alamos Gold (AGI.TO) | 38.33 | 44.95 | +17.27% |
| iShares S&P/TSX Global Gold Index ETF (XGD.TO) | 48.22 | 55.70 | +15.51% |
| Franco-Nevada (FNV.TO) | 314.41 | 360.24 | +14.58% |
| Kinross Gold (K.TO) | 28.16 | 31.36 | +11.36% |
| Barrick Mining (ABX.TO) | 51.64 | 57.20 | +10.77% |
| December gold contract (US$/oz) | 3,898.90 | 4,074.90 | +4.51% |
| S&P/TSX Composite | 35,620.00 | 35,789.10 | +0.47% |
Equity prices are Canadian dollars per share. Gold is US dollars per ounce, on the December contract. Source: Yahoo Finance daily closing prices, changes ours.
Split the window at Thursday and it resolves into two different things. Over the first four sessions, from the October 30 close to the November 5 close, the proxy rose 12.13% against a 5.50% rise in the December gold contract, a ratio of 2.20 times.
Then the last session. From the November 5 close to the November 6 close the December gold contract fell 0.94%, from US$4,113.50 to US$4,074.90, and the complex rose: the proxy 3.01%, IAMGOLD 8.09%, Kinross 3.64%, Wheaton 3.34%, Alamos 3.29%, Franco-Nevada 2.40%, Agnico 2.23% and Barrick 1.19%, against the Composite’s 0.52%. That single session of the equities and the metal moving opposite ways is what lifts the full-window multiples to IAMGOLD’s 5.05 times, Wheaton’s 4.06, Agnico’s 3.84, Alamos’s 3.83, Franco-Nevada’s 3.23, Kinross’s 2.52 and Barrick’s 2.39, and the proxy’s 3.44.
Because the equities are priced in Canadian dollars and the metal in US dollars, these comparisons only work on percentages, and they do work: the Canadian dollar moved less than one percentage point against the US dollar over the same five sessions, so currency is not what separates the two lines.
Move the starting point back ten days and the level picture changes too. Over the thirteen sessions from the October 20 close to the November 6 close, Franco-Nevada was up 6.29%, IAMGOLD 5.89%, Wheaton 4.12%, Agnico 3.41% and the proxy 2.82%. Barrick was up 0.53% and Alamos 0.42%, both barely above where they started. The December gold contract was down 1.63% and the Composite down 0.88%. Kinross was the only name lower over the stretch, down 5.66%; it released its own third quarter results after the close on October 28 and fell 6.28% the next session, from 32.18 to 30.16, a single session larger than its whole decline over the stretch.
Daily closes, October 20 to November 6, 2026, indexed to the October 20 close. XGD.TO is the iShares S&P/TSX Global Gold Index ETF. Source: our chart from Yahoo Finance daily closing prices.
The fall before the rebound was steeper than gold’s
The two sessions that preceded the rebound ran the other way, and every name in the group fell further than the metal. The December gold contract fell 3.77%, from US$4,051.60 at the October 28 close to US$3,898.90 at the October 30 close. Alamos fell 13.46%, Kinross 12.49%, IAMGOLD 10.89%, Agnico 9.88%, the proxy 8.31%, Wheaton 8.24%, Barrick 7.01% and Franco-Nevada 5.90%. The Composite fell 1.78%.
The fall from the October 28 close to the October 30 close, against the rebound from October 30 to November 6, 2026. Source: our arithmetic on Yahoo Finance daily closing prices.
Barrick’s margin per ounce rose on the year and fell on the quarter
Barrick reported third quarter 2026 results at 06:00 ET this morning. The whole quarter is in our coverage of Barrick’s third quarter, which is where the reader who wants the segments, the costs against guidance and the cash flow should go. What the complex turns on is a single pair of lines from Barrick’s third quarter results release, both on an attributable basis, meaning Barrick’s ownership share, and both in US dollars.
| Per ounce (US$) | Q3 2026 | Q2 2026 | Q3 2025 |
|---|---|---|---|
| Realized gold price | 4,243 | 4,417 | 3,457 |
| All-in sustaining cost | 1,911 | 1,866 | 1,538 |
Source: Barrick’s third quarter 2026 results release, operating results. All-in sustaining cost, or AISC, is a non-GAAP measure Barrick defines itself on the World Gold Council definition, and Barrick’s own endnote notes that the World Gold Council “is not a regulatory organization”.
Subtract the second row from the first and the all-in sustaining margin per ounce, our arithmetic on two figures Barrick published rather than a measure Barrick reports, was US$2,332 in the September quarter, against US$2,551 in the June quarter and US$1,919 a year earlier. That is 21.5% better than a year ago and 8.6% worse than three months ago. The realized price fell 3.9% from the June quarter while AISC rose 2.4%. On the September quarter’s figures the margin was 55.0% of the realized price.
That ratio is where the leverage comes from, and the arithmetic is straightforward on Barrick’s own two rows. Hold costs fixed and a 1% move in the gold price moves the margin on an ounce by about 1.82%, because the whole of the price change lands on the smaller of the two numbers. Gold’s 5.50% over the four sessions to Thursday’s close is about 10.0% of margin on that basis. Barrick’s own shares rose 9.47% over those same four sessions, from 51.64 to 56.53. The proxy rose 12.13%, which is the 2.20 times gold noted above against the 1.82 times the margin arithmetic implies.
Two reference points sit alongside the quarter. Barrick’s third quarter realized gold price of US$4,243 an ounce is 4.1% above Friday’s close of US$4,074.90, so the quarter’s margin was earned at a higher average gold price than the one the rally reached. And Barrick’s unchanged 2026 cost ranges are set against a gold price assumption of US$4,500 an ounce, 10.4% above Friday’s close.
Margin per ounce is the thing a gold equity is levered to, which is why our ranking of Canadian gold stocks on margin rather than ounces sorts the sector on that line instead of on production. Barrick’s own 10.77% over the five sessions was the smallest of the eight names in the table, in a week when all of them rose and the metal rose with them, which is the sector a stock sits in doing the work our guide to what moves a stock price sets beside company news.
Franco-Nevada reports Wednesday
Franco-Nevada reports third quarter 2026 results after market close on Wednesday, November 11, with a conference call on Thursday, November 12 at 8:00 a.m. ET, according to the company’s October 13 scheduling release.
Franco-Nevada describes itself in its own second quarter release as a “gold-focused royalty and streaming company” whose “business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation” (Q2 2026 news release, page 7).
Last week’s price record put it in the middle of the group rather than apart from it. The five-session moves ran from Barrick’s 10.77% to IAMGOLD’s 22.81%, and Franco-Nevada’s 14.58% sits inside that range rather than at either end of it.
What the week adds up to
Over the four sessions out of the October 30 close the complex did what a levered claim on the metal does, at 2.20 times the move. Friday broke the pattern, with gold lower and the equities higher, and Friday is what turns a 2.20 times window into a 3.44 times one. Over the full thirteen sessions from October 20 the proxy gained 2.82% while the metal behind it lost 1.63%. On Barrick’s reported numbers, the margin behind that leverage narrowed sequentially rather than widened: 21.5% better than a year ago, 8.6% worse than the June quarter, on our subtraction of Barrick’s own per-ounce lines.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Share prices, index levels and the December gold contract are Yahoo Finance daily closing prices through the close of Friday, November 6, 2026. XGD.TO is the iShares S&P/TSX Global Gold Index ETF, used here as a proxy for the equity complex. Barrick’s per-ounce figures, costs and guidance ranges are the company’s own, in US dollars and on an attributable basis, from its third quarter 2026 results release of November 9, 2026, where all-in sustaining cost is a non-GAAP measure Barrick defines itself. Franco-Nevada’s report date is from its own scheduling release of October 13, 2026, and its description of its business model and its second quarter 2026 adjusted EBITDA margin are from its Q2 2026 news release of August 11, 2026, pages 7 and 11. Figures described as our arithmetic are our own calculations on those published numbers: each percentage change between closing prices, each equity’s move measured against gold’s, and the margin per ounce that subtracts Barrick’s all-in sustaining cost from its realized gold price.
