-01.png)
CHF WEEKLY ROUNDUP: October 26 - 30, 2026
As we slide into a Halloween weekend, we hope the spookiness will lift from the equity markets, and a clearer direction will emerge. A Halloween tradition from the 16th century is that after a volatile October, equities will perform well for the next six months, a “buy in November, sell in May” strategy. The U.S. midterm elections loom large for Tuesday, November 3, and all eyes are on that contest. U.S. markets will be open on election day; watch for fireworks. When different parties control the U.S. Congress and the presidency, the government is often more productive. Trading in global shares was mixed overnight as worries about the future of artificial intelligence (AI) continued. Shares of chipmakers and data companies rose on enthusiasm for the technology, then fell on concerns about financing the buildout of data centres, supply constraints on critical minerals, and reports of mixed results that questioned the return on investment in AI applications.
The TSX has had a positive October, rising 2.25%, including 1.3% in the past five days. Gold and metals have been under pressure this month, and the Venture Exchange declined 6.85%. In October, it showed a gain of just over one percent this week. On Wednesday, the Bank of Canada (BoC) announced a 0.25% increase in its policy rate to 2.5% after holding it steady for over a year. BoC governor Tiff Macklem said that elevated global energy prices could soon seep into other parts of the Canadian economy, and the hike was needed to reduce that risk. He also conceded that the increase could further weigh down a Canadian housing market that’s already expected to shrink further this year. Bank economists recognized that BoC is trying to get ahead of the game but noted that a rate hike on its own will not prevent the knock-on effects of higher oil prices or lower the impact of U.S. and Canadian counter tariffs on Canadian businesses. Higher interest costs will only make life more expensive for Canadian families, businesses and workers, over something they can’t control. StatsCan provided early estimates for September suggesting real GDP declined 0.1% amid losses in manufacturing, mining, quarrying, and oil and gas extraction after a flat August. The Canadian dollar (CAD) gained strength against the U.S. dollar (USD) after the announcement, and this effect was likely a consideration for the BoC. The Bank of England is expected to hike interest rates next Thursday. The European Central Bank (ECB) left interest rates unchanged on Thursday but clearly hinted that another hike was possible in December. ECB President Christine Lagarde announced that she has resigned effective February 7, 2027, and is rumoured to be entering French politics. The New Zealand central bank held its key rate steady, which caused the country's dollar to fall. The Bank of Japan (BOJ) left its benchmark interest rate unchanged at around 1.25%, saying Japan's underlying inflation has "generally" reached its 2% price stability target.
Over the past nineteen midterm election cycles (since 1950), the S&P 500 Index has generated positive returns in the next 12 months, no matter who won. Major U.S. markets were mostly flat this week as AI jitters continued ahead of the Federal Reserve (Fed) interest rate announcement. This morning, U.S. futures are falling Friday as technology companies are lower, keeping pressure on Wall Street. Issuers of all sectors are feeling the pressure as uncertainty spreads. On Wednesday, the Fed held interest rates steady after hiking borrowing costs in September to curb inflation. Expectations were that there would be no move this close to election day. The central bank left the federal funds rate unchanged at a target range of 3.75% to 4%, after raising rates last month. Fed Chair Kevin Warsh said economic indicators are moving in the right direction, citing robust consumer spending, a low unemployment rate and healthy overall economic growth. Investors and Wall Street analysts widely expected the Fed to remain on hold in October, but many economists think Fed policymakers will raise rates at their next meeting and again early in 2027. The USD remains overly strong, based on the expected rate increase on December 9, 2026.
Spot gold at USD$3,943.80/oz and silver at USD$49.76/oz are sharply lower this morning. Expectations of additional Federal Reserve tightening before year-end, stronger-than-expected U.S. economic growth, and persistent inflation are weighing on precious metals, which are making new lows for the year. Iran's attacks on oil tankers again today are driving oil prices higher, which is negative for Gold. Gold needs to hold near the USD$4,000.00/oz support range or risk falling to USD$3,400.00/oz. Gold often shows strength from November through spring, so a recovery could happen quickly. After the elections are settled, it may be a buying opportunity.
Under pressure from the strong USD, copper prices are lower today at USD$6.52/lb, after reaching a two-week high on Wednesday. Investors have become concerned about potentially falling demand from the AI sector and reports of high US inventories. There is serious support at the USD$6.60/lb range. Nickel at USD$6.96/lb is at a year-low.
Lithium prices have declined for two months, reaching USD$14.42/kg this week. Lithium supply/demand uncertainty continues, clouding price action. Cobalt prices dropped to USD$15.70 this week. Uranium ticked up to USD$91.50/lb this week. Again, the sell-off in tech stocks is broadly dampening all markets, and the midterm elections need to be settled before clarity can be achieved.
We are pleased to present our roundup of client news from October 26 to 30, 2026.
Mining
On October 26, 2026, Rocky Shore Gold Ltd. (CSE: RSG) (OTCQB: RSGLF) reported the discovery of the MTH Zone at its Gold Anchor Project in central Newfoundland. Drilling intersected a thick, sulphide-rich tuffaceous sedimentary horizon in a previously undrilled area immediately east of the Mosquito Deposit resource limits. The MTH Zone remains open in all directions and is associated with a large geophysical anomaly. The discovery expands the known footprint of gold mineralization beyond the current Mosquito Deposit resource limits and indicates that the Mosquito Deposit and MTH Zone may form part of a larger mineralized bulk-scale setting. Confirmation drilling within the Mosquito Deposit also returned the highest-grade interval to date within the deposit; 94.10 m grading 0.77 g/t Au, including 2.50 m grading 7.88 g/t Au in hole MH-26-02.
Rocky Shore's President & CEO Ken Lapierre commented, "The discovery of the MTH Zone is changing our understanding of the Gold Anchor system. While the Mosquito Deposit delivered encouraging results, drilling on the MTH Zone is now demonstrating that gold mineralization extends well beyond the current resource limits into a broader mineralized setting.”
On October 28, 2026, Pirate Gold Corp. (TSXV: YARR) (OTCQB: SICNF) released a video in the Treasure Hunters series -S1 EP20 - Hoist the Black Flag. Pirate is testing the heart of Moby Dick zone with barge-mounted drilling beneath Crippleback Lake, while preparing to drill a second significant alteration area at Coronation Lake at the Treasure Island Project.
View the video below:
Fintech
On October 18, 2026, Tenet Fintech Group Inc. (CSE: PKK) (OTCID: PKKFF) (FSE: P0T) announced that it has received approval from the OTC Markets Group to have the Company's common shares begin trading on the OTCQB Venture Market in the U.S. under the symbol "PKKFF".
On October 29, 2026, Tenet Fintech Group Inc. (CSE: PKK) (OTCQB: PKKFF) (FSE: P0T) announced that over 50 bookkeeping partners, collectively servicing over 6,500 business clients, are now referring and helping to register their clients on the Cubeler Business Hub. The Company was able to reach the milestone thanks to the addition of eleven new bookkeepers to its partnership program during the month of October. This marks a noticeable increase in the rate of new monthly partnerships.
SAVE THE DATE
Comments