Featured · Macro
The quiet return of gold to the reserve conversation.
10 min read·Q3 Letter
A Canadian Investment Firm · Toronto
Maryana Capital Inc.
Gold. Options. A more disciplined approach to wealth.
Maryana Capital Inc. is a Toronto-based firm focused on gold, precious metals and options. We publish research and, where a service is suitable and permitted, work with clients through a documented assessment, disclosure and agreement process before any money is invested.
- IndependentResearch produced in-house, not sponsored by issuers
- Senior-ledEvery mandate handled by a senior partner
- Toronto, OntarioOperating within applicable Canadian securities regulatory requirements
Certificates of depositGoldCrude oil
Educational illustration only. Not a product offer or indication of availability.
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Incorporation
Federal (Canada) · No. 994456-7
Business Number
832175574
Ontario Business Registry ID
8742740
NRD Number
59860
In plain language
What we do, and what to know first
- What we do
- Research on gold and precious metals, and investment strategies using gold-related investments and options where suitable.
- Who it may suit
- Investors who understand that gold and options can lose value, can accept that risk, and have a time horizon and finances that support it.
- What may be used
- Physical gold, gold funds or ETFs, gold-mining shares and options on gold-related investments. Each carries different risks.
- How losses can happen
- Gold prices can fall. Mining shares carry company risk. Bought options can expire worthless, and some option strategies can lose more than the amount paid or received.
- Costs and access
- Minimum investment US$5,000. Private clients pay a 2% commission on the amount invested; other costs may apply. Acceptance is not guaranteed.
- How we assess
- We review your objectives, experience, finances and tolerance for loss, complete identity checks, and give you the agreement and disclosures before you invest.
Who we are
About Maryana Capital Inc.
Maryana Capital Inc. is a Canadian corporation incorporated under federal law (Corporations Canada No. 994456-7) and registered to carry on business in Ontario (Ontario Business Registry ID 8742740). Its registered office is in Toronto. These corporate identifiers are not a licence to provide financial services; see our regulatory page for registration details and how to verify them.
Our work is research-led: we study the gold market, publish written insights, and design options-based strategies suited to each client's objectives, time horizon and tolerance for risk. Every engagement begins with documented suitability, plain-language risk disclosure and a clearly defined mandate. Maryana Capital Inc. operates this website at maryana.ca.
Trust Centre
Why investors work with Maryana.
Credibility in financial services comes from disclosure, process and consistency — not from promises. These are the standards we hold ourselves to on every engagement.
Client Focused
Every mandate is led by a senior partner. Advice is shaped around your objectives, not a product shelf.
Professional Research
Independent, documented research underpins every strategy we discuss with a client.
Risk Management
Defined-risk structures, written risk discussion, and suitability review before any recommendation.
Confidential Consultations
Private, unhurried conversations. Your information is handled with strict discretion.
Market Insights
Regular commentary on gold, options, and Canadian markets — written for investors, not for clicks.
See how we are structured, paid and governed.
Our Trust Centre sets out our professional standards, research policy and communication commitments in full.
Consultations are confidential and without obligation.
What We Bring
Capability, described honestly.
We do not publish performance figures or client counts we cannot substantiate. Instead, here is precisely what a relationship with our practice gives you access to.
Industry Experience
Partners with careers spent in Canadian metals trading, equity research, advisory and compliance.
Investment Research
In-house research on gold, precious metals and macro conditions, with sources disclosed.
Professional Consultation
Structured, confidential consultations with a senior adviser — never a call-centre script.
Educational Resources
Guides, checklists and glossaries written to make you a more capable investor, free of charge.
Market Analysis
Regular commentary connecting rates, currencies and policy to what it means for your portfolio.
Put our research to work on your questions.
Bring us a holding, an opportunity, or simply a question you have not been able to get a straight answer to.
Consultations are confidential and without obligation.
Investment Process
From first conversation to ongoing oversight.
A documented process helps prospective clients understand suitability, decisions, responsibilities, costs and account arrangements before capital is committed.
- STEP 01
Discovery & Initial Consultation
We discuss investment objectives, financial circumstances, experience, risk tolerance, time horizon, liquidity requirements and diversification goals. This stage determines whether Maryana's services may be appropriate; contacting the firm does not guarantee acceptance as a client.
- STEP 02
Investor & Suitability Assessment
Relevant client information is collected and reviewed before a strategy is recommended or implemented. Identity, source-of-funds and other AML/KYC requirements form part of the onboarding and suitability process.
- STEP 03
Strategy Development
Maryana develops an approach for the applicable mandate using portfolio construction, asset allocation, diversification, risk management, market research and investment selection. Options are considered only where appropriate; clients do not all receive the same strategy.
- STEP 04
Review & Client Approval
The proposed strategy, applicable risks, fees, account arrangements and relevant documents are reviewed before capital is committed. Clients should understand each of these elements before deciding to proceed.
- STEP 05
Account Opening & Funding
The client completes the required agreements and follows the funding instructions in the applicable account documentation. That documentation identifies the institution holding and administering assets and distinguishes its role from Maryana's investment-management role.
- STEP 06
Investment Implementation
Once the applicable account, agreements and funding requirements are complete, the agreed strategy can be implemented according to the mandate. Options, where used, involve additional risks and may involve additional transaction costs.
- STEP 07
Ongoing Management & Monitoring
Maryana monitors investments, markets and risks, reviews the strategy, communicates with the client and provides applicable reporting. Client information and suitability are reviewed periodically and after material changes, where applicable.
- STEP 08
Client Access & Withdrawals
Clients can contact Maryana with account or strategy questions. Withdrawal or redemption requests are handled under the applicable account and investment terms; timing, liquidation requirements, restrictions and costs may vary, and no processing time is guaranteed.
999.9 · FINE GOLD
The Firm · 01
A quieter kind of wealth firm.
Our focus is narrow on purpose: gold, precious metals and the options linked to them. Gold can play a role in some portfolios, but its price can fall sharply and it does not always rise with inflation or protect against falling markets.
Maryana Capital Inc. is deliberately boutique. Any strategy we propose is based on an assessment of your objectives, experience, finances and tolerance for loss, and is explained in writing before you decide.
The Metal · 02
What gold can and cannot do.
Gold is one asset among many. It may help diversify some portfolios, but it carries its own risks and is not suitable for everyone.
Diversification
Gold has sometimes moved differently from shares and bonds, but that relationship changes and can break down.
01 / 04
Ways to hold it
Physical gold, gold funds or ETFs, mining shares and options each behave differently and carry different costs and risks.
02 / 04
Price swings
Gold pays no interest and its price is affected by interest rates, currencies and demand. It can fall for long periods.
03 / 04
Options
Options can magnify gains and losses. Bought options can expire worthless; some sold options can lose more than the premium received.
04 / 04
Anatomy of a Trade
Example: buying a call option.
Illustrative · XAU
Buyer’s max loss
Premium paid
Expiry
Fixed date
Outcome
Not guaranteed
Education · 03
How gold options work.
An option is a right — not an obligation — to buy or sell gold at a set price, over a set period. Options can be used to gain exposure, hedge or earn premium income, but each use carries risk. A bought option can expire worthless. Not all strategies have limited losses: selling options can create losses larger than the premium received, and positions can be assigned early, be hard to sell at a fair price, or magnify losses through leverage.
01
Calls
The right to buy at a set price. A buyer can lose the full premium paid.
02
Puts
The right to sell at a set price. Can offset some declines, at a cost, and may expire worthless.
03
Spreads
Combine bought and sold options. Limits some gains and some losses; costs and assignment risk still apply.
04
Collars
Pair a bought put with a sold call on an existing holding. Gives up gains above a level in exchange for some protection.
The Engagement · 04
A documented client journey.
From suitability and strategy review through account funding, implementation and ongoing oversight.
I
Discovery & Suitability
Objectives, circumstances, experience, risk and liquidity needs are reviewed before a service is proposed.
II
Strategy & Documentation
The tailored approach, risks, fees, account arrangements and required documents are reviewed before commitment.
III
Funding & Implementation
After account, agreement and funding requirements are complete, the agreed mandate can be implemented.
IV
Monitoring & Access
Ongoing research, risk monitoring, reporting, communication and applicable suitability review continue.
Notes from the Practice · 05
Market insights.
01
Strategy
Collars for concentrated bullion positions
6 min
02
Education
Reading implied volatility on GLD
8 min
03
Canadian Markets
Junior miners: a tactical primer
5 min
A Personal Invitation
Let's compose something worth keeping.
An initial conversation is free and without obligation. Any service is subject to an assessment of suitability and eligibility.