The CDNX as a Long-Cycle Signal, Not a Trading Index
The TSX Venture Exchange (CDNX) is often dismissed as volatile or purely speculative. It functions as a long-cycle barometer of risk appetite and capital availability, particularly in sectors where discovery and development drive value creation. Historically, the CDNX has: Traded at a premium to gold during expansionary cycles Re-rated sharply following prolonged periods of capital…