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Boomers Still Dominate Stock Wealth

Baby boomers control 54% of all US corporate stocks and mutual funds despite representing just 21% of the population, new Federal Reserve data shows, highlighting a persistent generational wealth gap.

Americans born between 1946 and 1964 have barely loosened their grip on equity ownership since 2020, when they held 57%. Meanwhile, millennials own just 8% of stock market wealth, up from 2% five years ago.

You can read more on the matter here.

What’s going on?

• Canada’s Condo Crisis Traps Would-Be Home Upgraders (theDeepDive)

• Canadians Prefer Debt Than Tax To Fund Military Spending Increase, Poll Finds (theDeepDive)

• Trade tribunal calls for freeze on multimillion-dollar defence contract after complaints it favours U.S. supplier (HT)

• Fed Can Ignore Trump Even with A New Chair (theDeepDive)

• Half of Canadians Want Government to Stand Firm on Dairy Protections Despite Trump Threats (theDeepDive)

• How Canada's oil sands transformed into one of North America's lowest-cost plays (Reuters)

• Ottawa, NWT Deploy AI Drill Mapping To Accelerate Critical Minerals Mining Rush (theDeepDive)

• Globe and Mail Under Fire for Pro-China Editorial (theDeepDive)

• Trump Denies He Is Planning to Attempt to Fire Powell (WSJ)

• Drones Target Iraqi Kurdistan Oil Field, Damaging Infrastructure (theDeepDive)

• EU Fires Back With €72B Tariff Counterpunch Affecting Boeing And Bourbon (theDeepDive)

• EU proposes raising defense funding in 2-trillion-euro budget (CNBC)

• Trump Threatens Russia With 100% Tariffs Unless Ukraine Peace Deal Reached in 50 Days (theDeepDive)

What’s the latest?

• Real Estate: Canada's annual pace of housing starts rose 0.4% in June to 283,734 units, according to CMHC. Urban starts reached 261,705 units, while rural starts were estimated at 22,029. Actual housing starts in cities grew 14% year-over-year to 23,282 units. The six-month moving average also climbed 3.6% to 253,081 units.

• Statistics: Canada's income gap hit a record high in Q1 2025, with the top 40% of households earning 49 percentage points more of the country's disposable income than the bottom 40%, according to Statistics Canada. The top 20% saw disposable income rise 7.7%, driven by gains in wages (+4.7%) and investment income (+7.4%). In contrast, the bottom 20% experienced just a 3.2% increase, with wages falling 0.7% and investment income plunging 35.3%. The wealth gap also widened, with the top 20% holding 64.7% of net worth, averaging $3.3 million, while the bottom 40% held just 3.3%, averaging $85,700.

• Politics: Prime Minister Mark Carney announced new measures to protect Canada’s steel industry amid the ongoing trade war with the U.S. Canada will reevaluate tariff rates and restrict foreign steel imports, especially targeting steel from non-U.S. countries that originate in China. The government aims to prevent steel dumping and strengthen domestic production. This follows U.S. President Donald Trump’s move to double tariffs on Canadian steel and aluminum to 50%.

• Stocks: Canada’s main stock index fell 54 points to 27,000.19, dragged down by energy, base metal, and industrial stocks. U.S. markets also declined, with the Dow down 145 points, the S&P 500 down 20 points, and the Nasdaq down 63 points. The Canadian dollar slipped to 72.86 cents US. Oil dropped to US$65.64 per barrel, while gold rose to US$3,356.10 an ounce.

• Meta: An $8 billion trial has begun against Mark Zuckerberg and other Meta leaders over allegations they violated a 2012 U.S. FTC agreement by allowing user data to be misused in the Cambridge Analytica scandal. Shareholders argue Meta’s board failed in its duty of oversight and want reimbursement for fines and legal costs. The trial, held in Delaware’s Chancery Court, will feature testimony from Zuckerberg, Sheryl Sandberg, Marc Andreessen, Peter Thiel, and others. It marks the first Caremark oversight case of its kind to reach trial, a notoriously difficult claim to prove in corporate law.

Gold Demand Is Real This Time w/ John-Mark Staude

The stock market and stuff

• Newmont Sells Off Equity Held In Discovery Silver, Greatland Resources (theDeepDive)

• Nvidia CEO Jensen Huang sells another $37 million worth of stock (CNBC)

• Goldman Sachs profits jump 22% after investment banking gains (FT)

• New OSC Takes Aim To Shut Out Short Sellers From Financings (theDeepDive)

In the juniors

• Antimony Resources Completes 16 Hole Drill Program At Bald Hill Antimony Project, Assays Pending (theDeepDive)

• Augusta Gold To Be Acquired By AngloGold Ashanti For $1.70 A Share (theDeepDive)

• Silvercorp Reports Q1 Production Of 2.0 Million Silver Equivalent Ounces (theDeepDive)

FULL DISCLOSURE: Nations Royalty is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Nations Royalty. The author has been compensated to cover Nations Royalty on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.