Governments, regulators and investors are laser focused on critical minerals, while simultaneously the gold markets have hit historic highs. There is widespread acceptance of the need to secure metals and minerals that are critical to the transition to renewable energy generation and storage, to meet geopolitical defence priorities and to diversify global supply chains for electronics.
Hence the rebranding to “critical” of the minerals that are central within our daily lives and to meet global priorities. These minerals have been highlighted by governments including Canada, each producing specific lists including lithium, cobalt, nickel, graphite and copper. A notable exclusion...gold.
The race is on to secure access to and develop these critical minerals, and widespread support for investment in these areas has been heralded and supported by governments. Canada recently created the Major Projects Office and the November 2025 federal budget also included measures and incentives to accelerate investment into critical minerals for the mining industry and investors. These measures are welcomed by the industry with the goal to solidify Canada once again as a compelling and competitive investment jurisdiction.
The general public is increasingly aware that mining will play an important role in our country’s path forward as we navigate the new global trade paradigm and geopolitical landscape. Support for responsible mining within Canada is at all-time high levels. In 2025, the industry had access to increased levels of financing available for mining projects, along with an active merger and acquisition landscape. It’s safe to say that the mining sector is “hot.”
Gold, however, is excluded from the critical minerals lists. Presumably because it is not a major component in the production of electric vehicles, batteries or defence applications. Gold demand stems predominantly from jewellery, followed by investment vehicles such as gold bars and coins and central bank reserves, then by technology applications such as electronic devices.
The price of gold had an unprecedented run up in 2025 and has continued its trajectory into 2026. On Dec. 31, 2025, the price of gold closed at US$4,368 per ounce, up 67 per cent year over year, primarily reflecting elevated geopolitical and economic uncertainty, a softer U.S. dollar and growing allocations to gold by investors and central banks as a means of diversification and risk management. The imposition of tariffs by the U.S. has created uncertainty surrounding cost inflation, and international governments are purchasing gold to increase central reserves to shift reliance away from the U.S. dollar.
In 2023, Canada was ranked the fourth-largest gold producer, producing 6.7 per cent of the world’s gold. With gold prices as high as they are, gold mining companies are forecast to pay historic corporate taxes, providing much needed financial resources to service large deficits and fund infrastructure. Gold will continue its trajectory of economic and strategic importance to monetary stability and sovereign reserves worldwide. Interestingly, silver was added to the U.S. critical minerals list in 2025, which is often mined as a gold byproduct along with other critical minerals.
Given gold’s increasing and sustained significance to the global economy, a strong case may be made for gold being added to the critical minerals lists. It is crucial that Canada is positioned to maintain its ranking as a top gold producer, alongside critical minerals development over the next few decades in order to support our economy, provide employment opportunities and increase our global productivity. Surely there is room to add one more short four-letter word to the list: gold.
