The investing craze that could flatten the TSX

Of the top 20 performers in the S&P/TSX Composite Index this year, 18 of them are gold miners.

We’re capable of inflating our own asset bubbles, thank you very much.

The artificial intelligence bubble that so consumes the financial world is more of an American thing. The fate of the TSX is increasingly intertwined with a different investing craze.

We’ve all marvelled at the resilience of Canadian stocks this year. Even as the country’s economic future has crumbled before our eyes, the Toronto Stock Exchange is on pace for its best showing in 15 years.

At the heart of this disconnect is gold. The monster run in gold prices this year has electrified the TSX and helped erase a huge discount on Canadian stocks. Without gold, the S&P/TSX Composite Index would be trailing the S&P 500 ind