The Canada-U.S. trade uncertainty returned earlier this week, when U.S. President Donald Trump announced 50% tariffs on a range of Canadian goods. The new duties are expected to take effect in 30 days and, more importantly, many products covered by the Canada-United States-Mexico Agreement will not be protected this time.

Canada has already spent much of the last two years responding to changing tariffs on steel, aluminum, automobiles, lumber, and other goods. That’s why investors may want to focus on fundamentally solid businesses that do not depend heavily on selling one product into one market.

For example, Franco-Nevada (TSX:FNV) offers diversification through a broad portfolio of royalties and streams. In this article, let me explain why I’d bet on this Canadian stock as Canada-U.S. trade relations become increasingly unpredictable.

Franco-Nevada stock

In short, Franco-Nevada is a Toronto-based royalty and streaming firm focused mainly on gold. Instead of operating most mines itself, it owns interests that provide revenue linked to production from assets run by other companies.

FNV stock has climbed 37% over the last year alone to currently trade at $292.74 per share. This rally gives it a market cap of about $57 billion. At this market price, it also offers an annualized dividend yield of 0.9%.

Strong commodity prices and record financial results appear to have supported that longer-term performance. Still, its shares were down about 14% over three months, creating a potentially more attractive entry point for patient Foolish investors.

Continues to post record growth

In the first quarter of 2026, Franco-Nevada’s revenue surged 77% year-over-year (YoY) to a record US$651 million. The increase reflected record gold and silver prices, strong production from assets including Antamina and South Arturo, and added contributions from recently acquired or newly producing assets such as Côté Gold, Porcupine, and Valentine.

Its gold equivalent ounces sold rose 8% YoY to 136,353. Similarly, operating cash flow jumped 80% from a year ago to US$520 million, although that figure included a US$49.5 million tax refund from the Canada Revenue Agency.

More importantly, its adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) reached a record US$592 million, up 84%. As a result, Franco-Nevada’s adjusted net profit more than doubled to US$458.3 million.

Growth beyond tariff worries

Beyond its strong financial growth trends, Franco-Nevada is continuing to expand its portfolio, which should help it keep growing even if trade tensions remain elevated.

During and shortly after the quarter, the company added royalties and streams tied to Casa Berardi, i-80 Gold assets, Bullabulling, and properties previously held by Victoria Gold. It also had US$3.4 billion in available capital at the end of March, giving it good flexibility to pursue additional opportunities.

Moreover, the company remains on track for 2026 sales of 510,000 to 570,000 gold equivalent ounces, excluding potential Cobre Panamá contributions. Processing approved stockpiled ore could eventually generate about 23,100 gold ounces and 265,000 silver ounces for Franco-Nevada, although most deliveries are expected in 2027.

Although Franco-Nevada’s recent decision to challenge a Burkina Faso court decision involving its Karma Mine stream highlights short-term risk, the company’s diversified portfolio, strong balance sheet, and limited exposure to mine operating cost inflation make FNV an attractive Canadian stock to buy as trade tensions rise.

The post 1 Canadian Stock I’d Buy as Trade Tensions Heat Up Again appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Since the start of 2024, gold prices have risen from US$2,040 to US$3,375 today. Historically, the precious metal has been viewed as a store of value and a hedge against inflation. Moreover, gold has an inverse relationship with bonds and stocks, which further diversifies your portfolio.

Several factors have driven gold prices higher over the past 15 months, including central bank buying from China and India, multiple interest rate cuts from central banks, the ongoing tariff war, and geopolitical tensions.

In addition to buying physical gold or related exchange-traded funds, Canadian investors should consider holding quality gold stocks in their portfolio amid economic uncertainty. Here are two gold stocks you should add to your watchlist in April 2025.

Is this TSX gold stock a buy right now?

Valued at a market cap of $61.6 billion, Newmont (TSX:NGT) is a gold mining giant. The TSX mining stock delivered record free cash flow of US$1.6 billion in the fourth quarter (Q4) of 2024, capping a transformational year that saw the gold giant integrate new assets while divesting non-core operations.

The world’s largest gold producer reported full-year 2024 production of 6.8 million ounces of gold and over 150,000 tonnes of copper, exceeding its production guidance. Moreover, it generated US$2.9 billion in free cash flow for the year.

“2024 was a transformational year for Newmont,” said Tom Palmer, president and chief executive officer. “We took important steps to unlock the value of everything we have done so far on our journey to build a world-class company with an outstanding portfolio of assets.”

Newmont has successfully sold or reached definitive agreements for all six of its non-core operations announced in February last year. It expects to receive about US$2.5 billion in cash proceeds in the first half of 2025 after taxes and closing costs.

Looking ahead, Newmont projects 2025 gold production from its core portfolio to be approximately 5.6 million ounces at an all-in sustaining cost of US$1,620 per ounce. The company raised its gold reserve price assumption to US$1,700 per ounce from US$1,400 previously.

Palmer emphasized that Newmont’s focus is now shifting to improving costs and productivity across its streamlined portfolio. Newmont maintained its US$1 per share annual dividend commitment and has US$1.8 billion remaining in its current share repurchase authorization, having already executed US$1.2 billion in buybacks.

Priced at 14 times forward earnings, the TSX gold stock trades at an 11.6% discount to consensus price targets in April 2025.

Is the TSX stock undervalued?

Valued at $6.2 billion by market cap, IAMGOLD (TSX:IMG) is a gold producer and developer. In Q4, IAMGOLD highlighted production growth and improved financial position, positioning it as a rising mid-tier gold producer with strong Canadian assets.

It produced 667,000 attributable gold ounces in 2024, a 43% increase from the prior year, driven by the successful start-up of its Côté Gold mine in Canada, along with strong performance from its Essakane and Westwood operations.

Its financial results reflected the production gains, with adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) doubling to US$780.6 million in 2024, while net earnings reached $819.6 million, boosted by a reversal of prior impairment on Westwood of $455.5 million.

Looking ahead, IAMGOLD expects Côté Gold to nearly double its output in 2025, forecasting production of 360,000 to 400,000 ounces on a 100% basis. The mine is targeting a throughput capacity of 36,000 tonnes per day by the end of Q4 despite some equipment challenges in early 2025.

The gold miner announced an increase in mineral resources at its Nelligan project in Quebec, now positioning it among Canada’s largest gold deposits, with 3.1 million indicated ounces of gold and 5.2 million inferred ounces.

With approximately 80% of measured and indicated resources now located in Canada, IAMGOLD is positioning itself as a predominantly Canadian producer with the potential for significant free cash flow growth and balance sheet improvement in 2025, particularly if current gold prices persist.

Bay Street expects the company’s adjusted earnings to grow from US$0.55 per share in 2024 to US$0.87 per share in 2026. So, priced at 11.3 times forward earnings, the gold stock is priced at a 14% discount to consensus price targets.

The post 2 Gold Stocks I’d Consider for a $10,000 Investment Amid Economic Uncertainty appeared first on The Motley Fool Canada.

More reading

• 5 CRA Red Flags to Watch in Retirement Tax Returns
• 1 Canadian Stock That Comes Close to Perfect as a Long-Term Hold
• An Ideal TFSA Stock With a Steady 4.4% Yield
• What Are the Best High-Growth Canadian Stocks to Buy Now?
• 3 Undervalued Canadian Dividend Stocks to Buy Now and Hold for Years

Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.