Seabridge Gold Surges on Safe-Haven Demand, Later Falls on Inflation Concerns
Seabridge Gold Inc. led the materials sector rally on Canada's main stock index to start the week, with shares closing at CA$45.86, up roughly 10.5% from Friday's CA$41.51.
The move came as investors sought safe-haven metal gold following fresh U.S. tariffs on Canadian goods and ahead of the Federal Reserve's annual Jackson Hole symposium for clues on interest-rate paths.
However, Fed Chair Kevin Warsh's inflation-focused speech at the symposium on Friday leaned against rate-cut expectations that had lifted gold names earlier in the week, causing gold to reverse and fall more than 1% to about US$4,552 an ounce.
Despite this, analyst Dave Storms of Stonegate Capital Partners views Seabridge's second-quarter results as strengthening the outlook for both KSM's advancement and its financing.