2026 Sohn Montreal: Waratah’s Brad Dunkley Says Governments Will Inflate, and He Has the Gold Stock for It

Brad Dunkley opened his slot at the 2026 Sohn Montreal Investment Conference with a piece of trading floor folklore. “The peak in the gold price is not in until the Four Seasons hotel stops putting little flakes of gold on the pineapple at the breakfast buffet,” he told the room, then noted the host hotel was still doing exactly that. A good omen, he figured.

Dunkley is co-founder, chief investment officer and chief risk officer of Waratah Capital Advisors, the Toronto firm he helped build to several billion in assets after a long run at Gluskin Sheff. His pitch was really two arguments folded together. The first is a view on money itself: houses, cars and hotel stays do...