What you need to know: • Gold reached new record highs above $4,300/oz before settling around $4,000/oz, while silver climbed for the sixth consecutive month. • Despite this rise in metal prices, mining equities underperformed, with the GDX down 5.7%, GDXJ down 5.5%, and SILJ down 7.3%, and COPX up 3.1%, compared to the S&P 500 (+2.5%) and TSX (+0.8%). • Geopolitical developments, including the U.S. $5B critical minerals fund, G7 stockpiling alliance, and Trump's new partnerships with Australia and Japan reinforced long-term optimism for supply chain security growth. The mining sector experienced a volatile month, driven by fluctuating metals prices amid economic uncertainty. Gold reached new record highs above $4,300/oz mid-month before pulling back and stabilizing around $4,000/oz by month-end, while silver continued to surge to over $52/oz, fueled by industrial demand and central bank buying before pulling back alongside gold. Copper climbed to around $5.20/lb before a slight pullback, supported by supply disruptions and demand from electrification and infrastructure sectors. Investor sentiment remained strong through the fluctuation of metal prices, with companies raising ~$2.9B through 185 equity deals in October, marking the most active month for new share sales since 2013, according to Bloomberg. The surge in financings was driven largely by gold and silver producers, as well as heightened demand for critical minerals. The U.S. Federal Reserve’s second 25bps rate cut further bolstered confidence, providing additional support for gold. Despite a late-month pullback from record highs, gold remains up ~46% YTD, supported by sustained central bank purchases, ETF inflows, and ongoing macroeconomic uncertainty driving investors toward hard-asset exposure. We also view this pullback as healthy, given the parabolic trend the precious metal was on since mid-August. The sector also saw notable geopolitical developments, including the U.S. launching a $5B critical minerals fund with Orion Resource Partners and Abu Dhabi’s ADQ, along with Trump’s agreements with Australia and Japan to co-fund mining projects and strengthen supply chains against China’s dominance. The G7’s new critical minerals alliance, focused on offtake agreements and stockpiling, further boosted optimism for long-term sector stability. Canada also approved the U.S. government’s stake in Trilogy Metals (see ‘Major News’ for details) and signaled that future foreign investment reviews will be handled on a case-by-case basis amid escalating tariff tensions.