Happy Tuesday! Pour the double-double: a hotter than expected US CPI print just lit a fire under gold, silver, and every speculator's stomach today.
The whole metals complex and the TSX-V are bleeding red, but the rock underground doesn't care about CPI prints. Coppernico just got the green light to drill nine targets in Peru, Gunnison hit more high-grade copper in Arizona, and on the energy side Keyera posted a mixed quarter while Enbridge circles Alberta's biggest carbon capture bet. Let's get into it.
⚡ TL;DR
Gold craters roughly 2.6% and silver about 4% after a hot US CPI print, dragging the TSX-V down with them.
Keyera (TSX: KEY) posts $462 million of adjusted EBITDA, up from $281 million, but books a $68 million net loss and flags leverage above target.
Enbridge (TSX, NYSE: ENB) says it's "interested" in building the pipeline behind Alberta's Pathways carbon capture project, alongside a Q3 profit that nearly doubled.
📊 Commodity Ape Quick Stats
As of Nov 10, 2026, 5:00 p.m. ET · Source: Kitco, Trading Economics, Investing.com, Cameco
🥇 Gold (spot): $4,032/oz 📉
🥈 Silver (spot): $51.12/oz 📉
🔌 Copper: $6.30/lb 📉
☢️ Uranium (U₃O₈ spot, Oct 30 month-end average): $91.55/lb 📈
🛢️ WTI Crude: $86.40/bbl 📉
🔥 Natural Gas (Henry Hub): $3.30/MMBtu 📈
🍁 TSX-V Composite (Nov 10 close): 822.09 📉
💵 U.S. Dollar (DXY): 102.05 📈
A hotter than expected CPI print lifted the dollar and crushed gold and silver across the board today, and the TSX-V slid in sympathy.
⛏️ The Motherlode: A Hot CPI Print Just Mugged Gold and Silver
What happened. Gold cratered roughly 2.6% to around $4,032/oz and silver fell even harder, down about 4% to near $51/oz, after a hotter than expected US CPI report landed. The TSX Venture Composite, the juniors' home index, closed down 1.67% in sympathy.
Why it happened. A CPI print that beat expectations knocked down bets on a December Fed rate cut, which pushed the US dollar index higher and made non-yielding bullion a lot less attractive to hold overnight.
What it means for your position. This is a macro flush, not a company-specific problem: nothing happened at your junior's drill site, the whole complex just got repriced on a rate bet. If you're holding real ounces in the ground with a credible path to production, a one-day CPI tantrum is noise. If you're holding a promotion with no assays to back it up, days like today are when the music stops.
⚙️ Drill Bit Tech & Trends: Coppernico Gets the Green Light to Hunt Nine Targets With Geophysics, Not Guesswork
Peru just handed Coppernico Metals (TSX: COPR) the last permit it needed, and the company isn't drilling where the outcrops look pretty, it's drilling where the rocks said to.
What's in it: Coppernico's subsidiary secured the Start-of-Activities authorization from Peru's Ministry of Energy and Mines, clearing the way for up to 300 holes across 181 drill platforms at its Sombrero copper-gold project in Ayacucho. Phase 2 targets roughly 20,000 metres across nine targets, kicking off at Fierrazo.
The trend: Most of those nine targets are concealed, meaning there's no outcrop to point a hammer at. Coppernico defined them with magnetic, gravity, and chargeability anomalies instead, the same cheap, non-invasive toolkit juniors increasingly lean on before committing scarce drill dollars to blind ground.
The skeptic's footnote: A permit and a target map aren't a discovery. Fierrazo has just one historical hole (116 metres at 0.42% copper and 0.24 g/t gold), and the flagship Nioc target has never been drilled at all, pending a separate community agreement.
So what. Nine targets generated mostly from geophysics is a bet that the rock Coppernico can't see is as good as the rock it can. We'll know more once drill bits actually turn.
👉 Dig in
🪨 The Tailings: Gunnison Copper Confirms a Genuinely Chunky Hit in Arizona
Gunnison Copper Corp. ($GUNN ( ▼ 5.77% ), TSX: GCU) poured out initial assays from its new drill program at Strong & Harris, and hole SHM-2 is the kind of number that gets circled in red pen: 40 feet grading 5.15% copper and 11.99% zinc, inside a broader 311 foot interval averaging 1.39% copper and 2.29% zinc with a side of silver (6.41 g/t).
So what. This confirms high-grade massive sulfides already sitting inside the resource model, and the company is running flotation tests at FLSmidth to see if a concentrator can actually turn this grade into a saleable product. With 27,953 feet drilled against a planned roughly 138,000 foot program, there's a lot of ground left to test, but today's number is a real one, not a press-release discovery.
🛢️ The Gusher: Keyera Posts a Bigger EBITDA and a Net Loss in the Same Breath
What happened. Keyera Corp. ($KEY.TSX ( ▲ 0.31% )) reported Q3 2026 adjusted EBITDA of $462 million, up from $281 million a year ago, alongside a $68 million net loss (versus $85 million of net earnings last year). The company also laid out 2027 guidance: fee-based adjusted EBITDA per share growing 16% to 18% annually from 2025 to 2027, before slowing to 7% to 8% growth into 2029.
Why it happened. The swing from profit to loss isn't a demand problem. Keyera's fee-based margin jumped 53%, and Plains integration synergies are tracking toward the top of guidance. The pain is leverage and a planned outage: net debt sits at 3.6 times EBITDA, above the company's 2.5x to 3.0x target, and a four-week AEF facility outage starting January 2027 is expected to cost about $85 million of marketing margin next year.
What it means for your position. The underlying fee-based business is genuinely growing, which is why a net loss headline alone doesn't tell the whole story. But a leverage ratio above target plus a self-inflicted outage is exactly the kind of thing that keeps a growth story from re-rating until the balance sheet catches up, which Keyera itself says is a 2028 story.
🧰 The Pipeline: Enbridge Says It Wants a Piece of Alberta's Carbon Capture Pipe
Enbridge Inc. ($ENB.TSX ( ▲ 1.27% )) told a conference call it's "interested" in building the roughly 650 kilometre CO2 pipeline that's the backbone of the Pathways Alliance, the multibillion dollar carbon capture project backed by $CNQ.TSX ( ▲ 0.78% ), $IMO.TSX ( ▲ 0.17% ), $SU.TSX ( ▲ 1.02% ), $CVE.TSX ( ▲ 0.9% ), and ConocoPhillips Canada.
What's in it: Enbridge already runs a big regional pipeline network through the oil sands and wants back into growth there, "with the right risk package," according to liquids pipelines EVP Colin Gruending. The news came alongside Q3 profit of C$1.29 billion, almost double last year's C$682 million.
The trend: Pathways needs its carbon shipped from the oil sands to an underground storage hub near Cold Lake, and somebody has to build that pipe. Prime Minister Mark Carney has tied Pathways construction to federal support for a separate 1 million barrel per day crude pipeline to the Pacific coast, so this is bigger than one company's capex plan.
The skeptic's footnote: "Interested, with the right risk package" is a long way from a signed contract. Alberta, Ottawa, and the oil sands producers were aiming to wrap negotiations by mid November, and the consortium isn't targeting a final investment decision until late 2027.
So what. Enbridge's own Mainline expansion got delayed this year for lack of producer commitment, so don't assume this one sails through just because a pipeline executive sounds bullish on an earnings call.
👉 Dig in
🔥 The Flare Stack: Journey Energy Just Bought a Sliver of Keyera's Own Backyard
Journey Energy Inc. ($JOY.TSX ( 0.0% )) posted Q3 net income of $16.8 million, nearly four times last year's $4.4 million, and bumped its 2026 capital program up $15 million to $112 million to accelerate Duvernay wells into this year instead of next.
So what. Buried in the release: Journey also picked up a roughly 0.98% working interest in Keyera's Rimbey gas processing facility, a tiny stake, but a funny one to land the same week Keyera is explaining a net loss to its own shareholders. Small producers quietly buying slivers of midstream infrastructure is a trend worth watching, even in 1% increments.
📈 Stat of the Day
Speaking of numbers that move the whole room: one hundred seven dollars. That's how far gold's spot price cratered in a single session today, torched by a hotter than expected CPI print and a Fed that just got less dovish.
One hundred seven dollars, the one-session drop in gold's spot price after a hot CPI print
Keep your grades high and your dilution low. See you tomorrow. ⛏️
