Last week was full of action as Trump tariffs made the headlines once again. But they were mixed with earnings releases from gold miners, which made them the hottest TSX stocks traded last week.
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Key events that shocked the stock market last week
To begin with, Statistics Canada’s July 2025 labour force survey, released on August 8, showed a 0.2% decline in the employment rate to 60.7%. This job data has increased the chances of a Bank of Canada interest rate cut in September.
The biggest climax came when the U.S. shocked everyone by imposing a 39% tariff on imports of one kilogram and 100-ounce (oz) gold bars from Switzerland. This shock sent gold futures for December delivery to an all-time high at $3,534.10 an ounce on the Comex, the world’s biggest futures market.
The focus on gold prices
As it is, gold prices have been soaring amidst geopolitical tensions, tariff-induced inflation, and accelerated buying by central banks worldwide. All this pushed global demand for gold to a historic high, thereby tightening global gold supply and driving prices higher.
These market dynamics benefited Canadian gold mining companies as they realized a higher price for their output. Even miners with high production costs achieved profitability, and that was visible in their latest second-quarter earnings.
The five hottest TSX stocks traded last week
On August 8, the following five stocks were the most traded on the TSX.
| Stocks | Trading volume on August 8 | Average trading volume | Percentage increase in Trading Volume |
| Lundin Gold | 1,915,836.0 | 967,798 | 98% |
| Pan American Silver Corp. | 1,666,149.0 | 1,152,875 | 45% |
| BetaPro Natural Gas Leveraged Daily Bull ETF | 1,612,242.0 | 906,262 | 78% |
| Aya Gold & Silver Inc. | 1,388,594.0 | 1,074,059 | 29% |
| Wheaton Precious Metals Corp. | 1,087,312.0 | 740,027 | 47% |
Among the five, three gold stocks saw a significant jump in trading volume as they reported better-than-expected earnings.
Lundin Gold
Lundin Gold (TSX:LUG) stock surged 21% last week in the run-up to second-quarter earnings. Its revenue surged 50% year over year to a record US$453 million and reported a positive free cash flow of US$236 million from -US$123 million last year. This remarkable turnaround came as the company sold 136,737 oz at an average realized gold price of US$3,361 per oz with all-in sustaining costs (AISCs) of US$927 per oz sold.
Pan American Silver
Pan American Silver (TSX:PAAS) stock surged 17.9% as it reported a net profit of US$189.6 million in the second quarter of 2025, overturning its last year’s net loss of US$21.4 million. Behind the turnaround was a higher realized gold price of US$3,305 per ounce, which more than offset the higher AISC of $1,611 per ounce.
Wheaton Precious Metals
Wheaton Precious Metals (TSX:WPM) stock surged 9.05% as it reported a 68% jump in second-quarter revenue and a 139% jump in net profit. The strong earnings were driven by a 32% increase in the average realized gold equivalent price to US$3,318 per ounce.
The other stocks
Aya Gold & Silver (TSX:AYA) stock saw a 6% jump last week before ending the week with a 2.74% gain. One news item that pumped up trading volumes was its recovery of US$8 million from its engineering, procurement, and construction contractor for the Zgounder Expansion Project.
BetaPro Natural Gas Leveraged Daily Bull ETF (TSX:HNU) price fell 6.5% last week as natural gas prices fell despite a smaller-than-expected U.S. inventory build. The exchange-traded fund gives investors exposure to the daily price fluctuations of natural gas, allowing traders to capitalize on short-term trends. It saw a spike in trading volumes as prices trended down.
The coming week could see more trading in mining stocks as more companies release their earnings. Among them are names like Barrick Gold.
