In this May 2026 edition of Market This Month, Anna Serin and Bruce Campbell discuss the sharp rebound in global markets following March volatility and examine the sectors currently driving investor momentum. The conversation covers the continued strength of the technology sector, renewed interest in commodities including gold, silver, lithium, rare earths, and energy, and the growing flow of capital into junior exploration companies across the Canadian market.
Anna and Bruce also explore how geopolitical tensions are impacting commodity pricing and investor sentiment, why M&A activity may increase across the resource sector, and what the strong financing environment could mean for exploration activity heading into the summer months. The discussion further highlights the acceleration of AI and emerging technologies, the challenges investors face evaluating early-stage tech companies, and how shifting market behavior has changed traditional investing patterns such as “sell in May and go away.”
Anna: Welcome to Market This Month for our May 2026 edition. I’m joined today by my co-host, Bruce Campbell with StoneCastle Investment Management, as we dive into what’s driving the markets globally and here in Canada.
It’s been an active month across the Canadian Securities Exchange, with a strong mix of new listings and capital formation continuing through the market.
On the resource side, Great Red Lake Gold Corp. and Walhalla Gold Corp. both began trading in April. We also saw two new technology-focused issuers list on the CSE, QuantumCore Limited and Yocal.ai Inc.
Together, they highlight a broader trend we’re seeing: technology companies coming public not just with ideas, but with platforms aimed at improving efficiency and solving operational challenges.
We’re also particularly excited this month to be participating in the Web Summit Vancouver here locally. It’s a major global gathering of technology leaders, investors, and innovators.
On the financing front, capital is still finding its way into the market, particularly within the resource space.
As we enter into May of 2026, I’m joined in studio by Bruce Campbell with StoneCastle Investment Management. Thank you for joining me, Bruce.
Bruce: Great to be here in person.
Anna: It’s so nice to have you here in person. It’s a glorious day out here in Vancouver. Let’s break down what we saw this month. What happened in the markets this month?
Bruce: A lot of volatility. March was obviously very volatile to the downside, and April has been the exact opposite. We’ve seen one of the strongest recoveries from the bottom to the top that we’ve seen historically.
We continue to see rotation. Technology has been the leader, but precious metals, which had been so strong, are now consolidating. At the same time, base metals are really starting to gain traction.
Anna: Let’s talk a little bit about gold and silver. Where are we at right now?
Bruce: If you go back over the last 24 to 48 months, the price of those commodities has more than doubled. We saw gold move above the $5,400 level and silver move well over the $100 level before pulling back and consolidating.
Now we’re starting to see what looks like a base being built in both the commodities and the equities.
Anna: There’s obviously a lot going on in the world right now with potential and active wars. As an investor, how much attention do you pay to that in relation to commodity prices?
Bruce: You can’t look at it in isolation, but you certainly have to be aware of commodity prices because they drive what happens from an equity standpoint.
Even at current levels there’s still tremendous opportunity for exploration projects and strong earnings potential for producers.
Anna: One thing we saw on the CSE over the last six months was a significant ability for exploration issuers to raise capital. Many financings were oversubscribed.
When you see the sector so well capitalized, what do you typically expect next?
Bruce: Results, drilling, and opportunity. But you also start to see M&A activity. That’s generally positive for the market because it creates a recycling of capital into other exploration opportunities.
Anna: Other than gold and silver, what other commodities are currently in investors’ favour?
Bruce: Rare earths are starting to move again. Even lithium, which had really fallen out of favour, is starting to recover due to AI, electrification, and broader technology demand.
There’s also been a shift toward safer geopolitical jurisdictions for resource projects, which has benefited many North American-listed companies.
Anna: We’ve also heard discussions around technology companies looking at vertical integration into the commodities that support their technology.
Bruce: That tends to run in cycles. In theory it makes sense, but generally companies should focus on what they do best.
Anna: We’re entering the summer exploration season. Given the amount of money raised, should we expect significant news flow?
Bruce: Absolutely. Through the summer and into the fall, we should see constant news flow from exploration companies and potentially some new discoveries.
Anna: Do you want to tell me why it’s so expensive to fill my gas tank right now?
Bruce: The geopolitical situation has had a huge impact on energy prices. As long as those pressures remain, we should expect higher energy prices and stronger earnings for energy companies.
We’re also seeing smaller companies revisit projects that may not have been economic previously.
Anna: Should investors be looking at energy stocks?
Bruce: There are certainly investment opportunities developing there.
Anna: Let’s talk about the technology sector. We’re here during Web Summit Vancouver, and it feels like we have more tech-focused companies on the CSE than ever before.
Bruce: Technology has been incredibly strong. The largest companies continue to generate huge earnings and cash flow, while new opportunities are emerging for entrepreneurs building innovative platforms.
We saw a similar boom in the late 1990s and early 2000s. Some of it looked excessive at the time, but it ultimately led to transformative technologies.
The same thing will happen with AI, data centers, and the technologies that grow out of them.
Anna: As an investor, how do you do due diligence on technologies that are so new and cutting edge?
Bruce: It’s incredibly challenging because technology can be replaced quickly. You almost have to go back to the Peter Lynch approach: Is it being used? Is it adoptable? Is it solving a real-world problem?
Anna: We’re approaching summer, and there’s the old phrase ‘sell in May and go away.’ It doesn’t seem as relevant anymore.
Bruce: I agree completely. People can manage portfolios from anywhere now because of mobile technology.
We’ve also seen recent market pullbacks create opportunities that keep investors engaged through the summer months.
Anna: As we head into June, what should investors keep in mind?
Bruce: You always have to be careful. Treat your portfolio like a barbecue — you can’t just leave it unattended. There are too many moving parts in the market right now.
Anna: Thank you so much for joining me, Bruce. It’s always great to have you in studio.
Bruce: Maybe outside next time.
Anna: A Market This Month picnic. I love that idea. Thanks again for joining me.