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China Extends Record Gold-Buying Run

China’s November gold purchase extended a 13-month buying streak that has lifted official bullion holdings to a record 2,305 tonnes and raised gold’s share of the country’s $3.3 trillion in foreign exchange reserves to 9.3%.

Data show the People’s Bank of China added 30,000 troy ounces of gold in November, a roughly 0.1% monthly increase that still pushed total reported holdings to a new high. At current prices, those 2,305 tonnes are valued at about $311 billion, an all-time record for China’s official bullion position.

The latest addition means China’s gold holdings have tripled since 2020, a move driven by both sustained central bank purchases and a powerful rally in bullion prices.

You can read more on the matter here.

What’s going on?

• BC Extortion Suspects Use Refugee Claims to Halt Deportations (theDeepDive)

• Ottawa-Montreal chosen as 1st segment of promised high-speed rail line (CBC)

• EU Invokes Emergency Powers to Freeze Russian Assets Indefinitely (theDeepDive)

• Canadian dollar touches nearly three-month high after surprise trade surplus (Globe)

• Donald Trump Is Pro Pot? Executive Order Rumoured For Marijuana Rescheduling (theDeepDive)

• Donald Trump and Bill Clinton pictured in newly released Epstein photos (FT)

• Carney’s Liberal Government One Seat Away From Majority After Tory MP Crosses Aisle (theDeepDive)

• Trump Administration Approves First Round of Crypto-Focused Banks (WSJ)

• US to Require 5 Years of Social Media History from Tourists (theDeepDive)

• Carney to name Mark Wiseman as Canada’s ambassador to U.S., sources say (Globe)

• House Democrats File Impeachment Articles Against Kennedy, Hegseth (theDeepDive)

What’s the latest?

• Crypto: Coinbase is preparing to launch an in-house prediction market powered by Kalshi, with an announcement expected as early as next week. The move supports Coinbase’s strategy to become an “everything exchange,” offering crypto, tokenized stocks and event contracts as investor interest in digital assets cools. Bitcoin is down 23% in three months, and Coinbase shares have fallen 16%. Kalshi is also expanding its reach, embedding prediction markets into brokerages like Robinhood, and now Coinbase.

• Cannabis: U.S. President Donald Trump is reportedly planning to reclassify marijuana to Schedule III, easing federal restrictions. Canadian cannabis stocks surged: Tilray +29%, Canopy Growth +32%, Aurora +13%, Organigram +10%. The move could open the U.S. market to Canadian firms, which are currently limited because cannabis remains federally Schedule I. A shift to Schedule III would align it with common prescription drugs and reduce legal barriers.

• Market: Canada’s S&P/TSX index fell 275 points to 31,385, dragged down by tech and base metals. U.S. markets also dropped: Dow −294, S&P 500 −83, Nasdaq −418. The Canadian dollar slipped to 72.54 cents US. Oil dipped to US$57.28, while gold inched up to US$4,316.40.

• Copper: Copper is nearing US$12,000/ton, up 35% YTD and on pace for its strongest year since 2009. Demand is surging from AI-driven data center expansion, power grid upgrades, EVs, and clean energy, while supply remains tight with a 124,000-ton deficit in 2025 and 150,000-ton deficit expected in 2026. U.S. buying has distorted the market: Comex now holds 405,782 tons (61% of global exchange stocks) as traders ship copper in anticipation of Trump-era tariffs. Canada’s Sprott copper ETF, backed by ~10,000 tons, has climbed 46% this year.

• Economy: Economists expect November inflation to rise to ~2.3%, slightly above October’s 2.2%, per an LSEG/Reuters poll. Gasoline prices are projected to be the main driver of the uptick. The Bank of Canada recently held its 2.25% policy rate, signaling no need for additional cuts as inflation remains broadly controlled. Analysts say price pressures have stabilized, despite pockets of increases in food and metals.

The Court Ruling And What Emerita Still Has In Play

The stock market and stuff

• Aris Mining Closes On Purchase Of Remaining 49% Interest In Soto Norte (theDeepDive)

• QE, Anyone? Fed Resumes Ongoing Treasury Bill Purchases (theDeepDive)

• US tech stocks slide as fears over AI boom flare up (FT)

• Capital Power Secures 250MW Data Center Deal Following Ottawa-Alberta Energy Agreement (theDeepDive)

• Disney Signs $1B OpenAI Deal, Opens IP To Sora And ChatGPT (theDeepDive)

In the juniors

• New Found Gold Announces Infill Drilling at the Monte Carlo Zone, Queensway Gold Project (JMN)

• Robex Delivers First Ore To Mill At Kiniero Project (theDeepDive)

• Orosur Mining Announces Pepas MRE Drilling Near Completion (JMN)

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