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Additional Reading from MarketBeat Media Gold and Silver Are on Fire—These Canadian Miners Ride the WaveAuthored by Dan Schmidt. Originally Published: 12/29/2025. 
In Brief - Gold and silver continue to outperform stocks and cryptocurrencies.
- Canadian precious metals miners could offer a unique advantage in the industry if the USD strengthens against the CAD.
- Consider these three Canadian mining stocks for precious metals exposure in 2026.
The biggest winners in many portfolios continue to be some of the oldest investments around. Gold has jumped more than 70% year-to-date (YTD), while silver has posted a staggering gain of over 150% YTD. We’ve discussed the reasons why precious metals surged in 2025, and the rally shows no signs of slowing. Today, we’ll look at a different way to gain exposure: equities from our friends in the great white north. Canadian Miners Could Have Currency Tailwinds in 2026 The precious metals trade has been the strongest on Wall Street this year, outpacing the S&P 500, the Invesco QQQ ETF (NASDAQ: QQQ), and Bitcoin. Investors rarely complain about double-digit gains in major indexes, but precious metals even outperformed some of the tech sector’s most prolific AI hyperscalers in 2025. That outperformance underscores the sustained uncertainty in the geopolitical landscape. This is the year the GENIUS Act begins to take effect, leaving one coin set to skyrocket...
Get the details here now before the window on this massive opportunity closes. Click here to get all the details 
Of course, investing in precious metals has drawbacks. Holders of physical gold and silver often face unfavorable tax treatment, and mining companies can be plagued by operational challenges and long development timelines. To succeed in the sector you need well-run companies operating in reliable jurisdictions and favorable macroeconomic tailwinds. Canadian miners could regain an extra boost from currency dynamics in 2026. Canadian miners typically do well when gold prices rise while the CAD/USD exchange rate falls. Because Canadian miners pay expenses in CAD but sell gold and silver in USD, a weaker Canadian dollar produces a favorable currency tailwind. That relationship didn’t hold in 2025, when a weak USD buoyed many international currencies; despite CAD strength against the dollar, Canadian miners still outperformed. Now Canada’s GDP is contracting, down 0.3% in October, and those economic warning signs could push the Bank of Canada to cut rates sooner than markets expected. By contrast, U.S. Q3 GDP came in at 4.3%, which may lead the Federal Reserve to be more cautious about cutting rates. If the Bank of Canada eases aggressively while the Fed holds steady, the CAD/USD pair could reverse course, restoring the currency tailwind for Canadian miners. A stronger USD versus the CAD in 2026 would amplify the benefits Canadian miners receive from higher metal prices. 3 Canadian Miners to Own as Precious Metals Continue Soaring Currency effects aren’t the only reason to consider Canadian miners. Many of these companies have experienced management teams and operate in relatively low-risk jurisdictions. Canada is home to vast mineral resources, and the federal 2025 budget includes tax incentives to support exploration and development. Below are three Canadian mining stocks to consider if you want precious-metals exposure with potential currency tailwinds. Agnico Eagle Mines: Strong Growth Prospects for a Gold Pure Play Gold is the primary product of Agnico Eagle Mines Ltd. (NYSE: AEM), one of Canada’s largest mining firms with a roughly $91 billion market cap and more than $8 billion in annual sales. The company produced over 867,000 ounces in Q3 2025, helping it beat analyst expectations for both EPS and revenue. Agnico’s scale and stability make it an attractive holding. Its operations are located in relatively safe jurisdictions—Canada, Finland and Australia—and record gold prices have allowed management to invest in growth. The company launched 120 new drill rigs in Q3, which could add more than 1.5 million ounces to future production. Pan American Silver: Acquisitions to Stabilize Performance Pan American Silver Corp (NYSE: PAAS) is headquartered in Vancouver, but its mine locations introduce more volatility than AEM’s footprint. PAAS operates in countries such as Peru, Argentina, Bolivia and Mexico, where geopolitical risks can be higher. The company has sought to reduce that volatility through acquisitions. Pan American acquired Yamana Gold to diversify its portfolio, and the addition of MAG Silver’s Juanicipio mine materially boosted production, helping management raise guidance to roughly 22 million ounces in 2025. The company also reported record cash flow in Q3 2025, enabling a dividend increase. Wheaton Precious Metals: High Margins and Predictable Costs If you prefer to avoid the operational headaches of running mines, consider Wheaton Precious Metals Corp (NYSE: WPM). Wheaton does not own or operate mines. Instead, it provides upfront capital to miners in exchange for the right to purchase a percentage of production at a low fixed price—a streaming business model that generates a high-margin, predictable revenue stream. Wheaton has agreements with more than 40 miners worldwide, including operators in the U.S., Mexico, Canada, Brazil, Chile and parts of Africa. It reported record revenue in Q3 2025 and reiterated full-year guidance of 600,000 to 670,000 Gold Equivalent Ounces (GEOs). WPM’s premium valuation is supported by strong profitability—a roughly 55% net margin, among the highest in the industry—and the stock has rallied sharply, up nearly 120% YTD.
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