In an October 24, 2014 Technical Interpretation (2013-0473751I7, Mossore, A., 613-948-2227), CRA indicated that gold trading could constitute an adventure in the nature of trade and, therefore, business income. This is consistent with an older Technical Interpretation (October 26, 2010, 2010-0381521E5, D’Angelo, S.) which indicated commodities trading in general would normally be on the account of income, as opposed to capital.
For further information see VTN Monthly Tax Update Seminar, Issue No. 403