Kevin O'Leary warns geopolitical risk is real — and says gold and real estate belong in every Canadian's portfolio

"I was going to make one observation regarding negotiating with Xi, which is unique to every other country," O'Leary said during a Fox Business appearance. "Xi — and I know Trump would not do this to him — would never submit himself to the rotisserie-chicken White House press conference. Never. That's never going to happen."

He pointed out that negotiations with China are more delicate because of how Xi operates — and that the TikTok situation is just one example of how charged things have become.

The implications, O'Leary argues, are serious for any investor with exposure to Chinese companies.

"You've got to think about that going forward, when you're putting together an international fund, how many of these Chinese golden-share companies do I [want to own]?" O'Leary has said. And he is clear: "I'm not going to own any."

O'Leary's warning underscores a broader concern: Rising geopolitical risks and unpredictable trade tensions can rattle even the biggest names in global business. For investors, that uncertainty is a powerful reminder of the need to hedge their portfolios — and protect their wealth from shocks that can ripple across borders.

Will TikTok lose its market share — and should investors care?

O'Leary noted that TikTok's U.S. business represented about 8.4% of ByteDance's market cap — not enough on its own to cause panic. The real risk, he argued, lay in the domino effect.

"All of a sudden, what those of us who are very involved in the TikTok deal are hearing, Canada says, 'Wait a second.' If it goes dark in the U.S. — lights out in Canada, then you're over in Europe. Other countries say, 'Well, wait a minute. It must be spyware if the U.S. shut it off,' just like India did. And slowly but surely, that market cap is being chiselled [away] — one country at a time."

In Canada, the federal government ordered the wind-up of TikTok's Canadian offices in November 2024, though consumer access to the app was never cut. A joint privacy investigation by Canada's Office of the Privacy Commissioner and three provincial regulators found TikTok's protections for youth "inadequate" in 2025 (2). The situation shifted again on March 9, 2026, when Innovation Minister Mélanie Joly announced TikTok Technology Canada Inc. would be permitted to continue operating — subject to new legally binding undertakings on data access, child safety and an independent third-party monitor (3).

For investors and advertisers, the platform's regulatory path remains fluid. And according to O'Leary, the broader lesson is clear: When a government can upend a platform's valuation with a single policy decision, the risk is systemic — not just company-specific.

“Do you think Xi gives a boop about $20 billion? He doesn't give a boop about $20 billion… It's such a rounding error," O'Leary said. "All shareholders are waking up to this, all investors.”

Investors can find portfolio safety in alternative assets

In turbulent times, investors often seek out assets that can weather the storm. One that continues to stand out — according to O'Leary and legendary hedge fund manager Ray Dalio — is gold.

O'Leary consistently maintains roughly 5% towards gold allocation in his own portfolio, holding physical bullion — 100g and 1kg bars as well as coins — and rebalancing quarterly. He views it as a "permanent position rather than a tactical trade," according to a January 2026 interview on the CEO.ca podcast (4). For investors who worry about geopolitical disruption, O'Leary argues that institutional capital can access gold through bullion, miners and ETFs — making it one of the most flexible hedges available.

Dalio has been even more emphatic. In a February 2026 appearance at the World Governments Summit in Dubai, he told CNBC that the world is on the brink of a "capital war" — and that gold is the clearest protection (5).

"In reserve currencies, gold is the second largest reserve currency," Dalio told CNBC. "Because gold is a diversifier, when the bad times come along, it does uniquely well."

In written commentary, Dalio has called gold "the safest money" — arguing it is the only storehouse of value that cannot be devalued by central banks, seized in cyberattacks or destroyed by inflation (6). He recommends a 10% to 15% allocation for most investors to achieve the optimal return-to-risk ratio.

The numbers back up the enthusiasm. Over the past 12 months, gold prices have surged approximately 44%, with the spot price sitting near US$4,800 per troy ounce as of mid-April 2026 — equivalent to roughly C$6,600 per ounce at current exchange rates. Gold crossed US$4,000 for the first time in October 2025 and hit an all-time high above US$5,400 in January 2026 before settling into its current range.

Long seen as the ultimate safe haven, gold isn't tied to any single country, currency or economy. It can't be printed out of thin air like fiat money, and in times of economic turmoil or geopolitical uncertainty, investors tend to pile in — driving up its value.

How to invest in gold in Canada

Gold is considered a potential hedge against market volatility and economic uncertainty. There are several ways to invest in gold, either directly or indirectly:

• Buy physical gold: coins, bars or bullion
• Buy gold ETFs that track the price of gold
• Buy gold stocks in gold-mining companies

Gold investment options

Bullion. Purchasing bullion — coins, or bars — is the most traditional way to invest in gold. Canadian investors can make their purchase at CIBC branches or online through TD Precious Metals, CIBC Precious Metals Fund, or the Royal Canadian Mint. As of mid-April 2026, the spot price for one troy ounce of gold is approximately C$6,600.

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ETFs. Exchange-traded funds (ETFs) are a simple way for new investors to get in on the gold market without the risk associated with investing in specific mining companies. ETFs offer a variety of investment strategies: Some track the value of gold futures, directly invest in the companies that mine metal, or are backed by physical gold in secure vaults. Canadian investors who buy an ETF or index fund gain exposure to gold without the risk of picking a winning stock.

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Stocks. Gold stocks are shares of Canadian gold mining companies, and they can be purchased through a brokerage account. One advantage of gold stocks is that these mining companies can sometimes redirect to other precious metals if gold prices fall. However, this investment comes with distinct risks: Regardless of the price of gold, a company's stock price can decline due to poor financials or management.

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Real estate also provides a haven for investors

If gold is the go-to hedge for moments of chaos, real estate is the long game. While property values can fluctuate — just like stocks — real estate doesn't rely on a booming market to generate returns.

Even in a recession, high-quality, essential properties keep generating passive income through rent. In other words, you don't have to wait for prices to rise to see a payoff — the asset itself can work for you.