Gold has had its moment in 2025, up 137.4% year to date. Canadian investors who acquired gold stocks early in 2025 could be sitting on triple-digit gains so far this year, despite the safe-haven asset’s slight pullback from all-time highs printed in October. It’s only prudent to take some profit from the fear (gold) trade and rotate capital into the next growth and industrial trades for the next commodity cycle.
While the safe-haven gold trade profited handsomely in 2025 as tariff wars and other wars fed investor fears of economic turmoil, the macro outlook for 2026 may suggest a shift from safe-haven assets towards commodities that will support artificial intelligence (AI) infrastructure builds, and enhance global energy security.
After taking profits on gold stocks, which commodity stocks could one invest in next for 2026? Among the top contenders are copper, the new gold for AI datacentres, uranium, a clean energy supporting electrification, and lithium as a turnaround play.
Let’s take a closer look.
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Copper: A major supply deficit may lift Canadian copper stocks
A major copper supply deficit could be brewing in 2026. Copper is in high demand as a key “wiring” material for sprouting AI datacentres. Data centres and modernized grids are copper-intensive, and copper demand is rising rapidly, with AI hyperscalers increasing their investment budgets for 2026.
Copper price performance so far in 2025.
To capture the copper upside, Canadian investors may buy copper mining stocks like Teck Resources (TSX: TECK.B) stock.
Teck Resources could generate more revenue, earnings and cash flow from its copper assets as it ramps up the massive Quebrada Blanca mine, which may hit peak production by 2027. The spin-off of coal assets made Teck Resources a near pure-play copper growth stock that’s even attractive to global mining giant Anglo American, which seeks a merger with Teck in a deal due for a shareholder vote this week. The merger may create a global “Top Five” copper producer.
Teck Resources generated about 60% of its revenue from copper during the first nine months of 2025. The remainder was zinc sales as total revenue grew 22.6% year over year.
Uranium: Cameco stock may shine in 2026
Global uranium supply capacity will take time to grow due to a decade of underinvestment, while a number of new reactor builds and modular projects are coming up as politicians warm up to nuclear-powered electricity generation as a reliable base load supply as economies demand more energy to power a growing fleet of new AI supercomputers.
Cameco (TSX: CCO) is one of the most established uranium miners. It’s a nuclear fuel enrichment contractor and a key nuclear energy design partner (through its 49% stake in Westinghouse). The uranium stock could print good news in 2026 as it rises in line with uranium prices, which have remained firm since 2024, while long-term contract prices recently soared to record highs heading into 2026.
Uranium contract prices crept to a record high of US$86 per pound in November, a price last seen in May 2008. Utilities could be coming back to the contracting table in 2026.
Cameco has significant capacity to contract for more uranium supplies for 2027-2030 as it ramps up production from previously mothballed mining assets.
Buy dividend-growth energy stocks in 2026
Oil prices will remain volatile, as usual. However, given the weakness experienced in 2025, with oil prices dropping 16% year to date, a rebound in 2026 could flood select low-cost oil miners like Canadian Natural Resources (TSX: CNQ) stock with more cash resources to spoil their shareholders with dividend hikes and share repurchases.
Canadian Natural Resources is committed to returning free cash flow (after dividends) to shareholders. The $99.9 billion TSX energy stock has raised dividends by 176.5% over the past five years, and could sustain the shareholder-friendly policy as oil prices rebound. CNQ’s current, well-covered dividend yields 4.9% annually.
Global oil demand is rill rising, and CNQ is increasing its production rates both organically and through acquisitions, growing the business.
Where to invest next?
If you’re rotating profits on gold stocks in 2026, consider splitting your allocations (say about 60%) into copper and uranium stocks, which continue to align with secular growth trends of AI and energy security, and investing the remainder into dividend payers like CNQ stock to enhance your portfolio’s income-generating power to secure your retirement needs.
