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Chrystia Freeland Resigns as Finance Minister

Chrystia Freeland has resigned from Justin Trudeau’s Liberal Cabinet, announcing this morning that Trudeau on Friday indicated he no longer wanted Freeland in the finance role. Rather than be reassigned, Freeland has indicated that she has no desire to serve in the Cabinet on a go-forward basis.

“On Friday, you told me you no longer want me to serve as your Finance Minister and offered me another position in the Cabinet. Upon reflection, I have concluded that the only honest and viable path is for me to resign from the Cabinet,” Freeland wrote in a letter addressed to Trudeau.

You can read more on the matter here.

What’s going on?

• Sean Fraser Resigns, Leaving Behind a Trail of Housing and Immigration Woes (theDeepDive)

• Canada Post says workers to return Tuesday after labour board ruling (CBC)

• Freeland Resigns As Finance Minister Ahead Of Fall Economic Statement Release (theDeepDive)

• SoftBank CEO to meet Trump, announce $100-billion investment in U.S. (Globe)

• Canada’s New Mortgage Rules Will Drive Up Housing Prices (Macleans)

• Is Chrystia Freeland Scrapping The Promised $250 Rebate? (theDeepDive)

• Vladimir Putin threatens to lift missile restraints in warning to west (FT)

• Canadian Housing Starts Surge In November, Driven by Multi-Unit Projects (theDeepDive)

• Germany Heads Toward Early Elections After Scholz Loses Confidence Vote (WSJ)

• Canada’s Inland Asylum Claims Surge Nearly 400% in Three Years (theDeepDive)

• Air Canada passenger charged for baggage — twice, violating CTA rules (CBC)

What’s the latest?

• Barrick Gold: Barrick Gold Corp. reported that Mali's military junta has blocked gold shipments from the Loulo-Gounkoto mine, which produced nearly 700,000 ounces of gold in 2023. Shares fell 2% to $16.44 amid the ongoing dispute over revenue-sharing with the government, which has detained employees and issued an arrest warrant for CEO Mark Bristow. Barrick warned it may suspend operations if the blockade continues, jeopardizing a key economic driver for Mali and future investor confidence.

• Housing: Canada's housing starts rose 8% in November to a seasonally adjusted annual rate of 262,443 units, up from 242,207 in October, driven by multi-unit projects in Quebec, Alberta, and B.C. Urban housing starts increased 9% to 245,083, with multi-unit starts up 11% to 195,281 and single-detached starts rising 4% to 49,802. Rural starts were estimated at 17,360 units, while the six-month moving average of housing starts edged down 0.3% to 243,268 units.

• Canada Post: Canada Post employees will return to work Tuesday after more than a month-long stoppage, following a federal order to end the strike. The existing contracts, extended until May, include a retroactive 5% wage increase while bargaining resumes. An impasse was declared after weekend hearings by the Canada Industrial Relations Board. Businesses had urged government intervention amid the holiday shipping season.

• Home Sales: Home sales in Canada rose 26% year-over-year in November, with 37,855 homes sold, driven by activity in major cities like Vancouver, Toronto, Calgary, and Montreal. The national average sale price increased 7.4% to $694,411, marking the first significant price rise in nearly 18 months as market conditions tightened. The Bank of Canada’s recent 50-basis-point rate cut to 3.25% and eased mortgage rules may drive an unusually active winter market. New listings were down 0.5% month-over-month, while inventory rose 8.9% year-over-year but remained below historical averages.

• Politics: Deputy Prime Minister Chrystia Freeland resigned after Prime Minister Justin Trudeau offered her a different cabinet role, citing a lack of full confidence. Freeland will remain a Liberal MP and run in the next election. Her resignation follows disagreements over fiscal policies like a two-month GST pause and $250 worker benefit cheques. This comes amid other cabinet departures and tensions within Trudeau's government.

Allied Gold's growth strategy w/ Peter Marrone

The stock market and stuff

• A Silver Revival in the Golden Triangle | DD On the Go: Episode 2 With Dolly Varden (theDeepDive)

• OpenAI IPO would create the next hot meme stock (Reuters)

• Jaguar Mining: Disaster In Brazil (theDeepDive)

• MicroStrategy shares jump as bitcoin proxy will join Nasdaq-100 index and ‘QQQ’ ETF (CNBC)

• Palisades To Acquire Radio Fuels: A Lesson On Money Flows In Capital Markets (theDeepDive)

In the juniors

• Radisson Mining Hits 31.24 g/t Gold Over 8.0 Metres (theDeepDive)

• Canada Nickel Secures $20 Million Investment Via Secured Convertible Note (theDeepDive)

• Lucero Energy Acquired For US$222 Million In All-Stock Transaction (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies 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.