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Donald Trump Wins 2024 Election

Donald Trump was elected as the 47th president of the United States on Wednesday, marking a historic return to the White House after his defeat four years ago. The pivotal win came as Trump secured Wisconsin’s 10 Electoral College votes, pushing him past the 270 needed to claim victory. This triumph underscores his combative political style, which appealed to a polarized electorate, particularly disaffected male voters.

Throughout his campaign, Trump attacked his Democratic opponent, Vice President Kamala Harris, with intensely personal and often controversial rhetoric. His messaging focused on a vision of America threatened by violence and instability, a portrayal that resonated with his core supporters.

You can read more on the matter here.

What’s going on?

• Recreational Cannabis Legalization Faces Setback as Florida Votes No to Amendment 3 (theDeepDive)

• Trump's victory sparks concerns over ripple effect on Canadian economy (BNN)

• Donald Trump Wins 2024 Election, Returns as 47th U.S. President (theDeepDive)

• At least 17 Conservative MPs advocated for money from a housing program Poilievre vows to cut (CBC)

• FBI Tracks $8.3 Million Tied to Kansas Banker’s Crypto Scheme to Tether Account in Cayman Islands (theDeepDive)

• Toronto breaks 65-year-old temperature record (CTV)

• Israel Says It Killed Last Hezbollah Commander, But Group Says He’s Alive (theDeepDive)

• UN official for Palestinian territories says she was ‘snubbed’ by Canadian government (TS)

• Meta, Nvidia Test Limits of Investor Fraud Claims in Supreme Court (theDeepDive)

• N.Korean troops engaged in combat in Kursk for first time, US officials say (Reuters)

What’s the latest?

• Politics: Donald Trump reclaimed the U.S. presidency, winning over Democratic candidate Kamala Harris after a highly charged campaign. Trump flipped swing states Wisconsin, Georgia, and Pennsylvania and led in three others. His Republican Party gained control of the Senate by winning seats in Ohio and West Virginia. Trump’s campaign focused on immigration, inflation, and a strong “America First” agenda, which includes deportation plans and a reduction in international commitments like NATO support.

• Elon Musk: Elon Musk faces a class-action lawsuit from voters who allege his $1 million-a-day giveaway was fraudulent, claiming that winners were pre-selected rather than chosen randomly. The lawsuit, filed by Arizona voter Jacqueline McAferty, argues Musk and his PAC organization profited by driving traffic to his platform, X, and collecting voter information for potential resale. This follows a Philadelphia judge’s refusal to halt the giveaway, which has since ended. McAferty seeks at least $5 million in damages for those who participated.

• Mortgage Rates: Mortgage rates rose to 6.81% last week, pushing total mortgage application volume down 10.8%, according to the Mortgage Bankers Association. Refinance applications dropped 19% but were 48% higher than a year ago, while purchase applications fell 5% for the week, marking the lowest activity since mid-August. The average loan size on refinance applications fell below $300,000, as higher rates discourage larger loan refis.

• Real Estate: In October, Toronto home sales surged 44.4% year-over-year, with 6,658 homes sold in the Greater Toronto Area, reflecting a 14% increase from September. This boost is attributed to the Bank of Canada's recent rate cuts, bringing its key rate down to 3.75%. The average home price rose slightly by 1.1% to $1,135,215, while the benchmark price dipped 3.3% from last year. Townhouses led sales growth at 56.8%, followed by detached homes at 46.6%, and semi-detached at 44%.

• Fortis: Amazon shares reached a new intraday high on Wednesday, rising to $201.45, marking a 25% increase from August and a 32% gain year-to-date, outperforming the Nasdaq 100’s 23% rise. This growth follows strong quarterly earnings, especially from Amazon Web Services (AWS), which has benefited from demand driven by AI applications. With improved profitability and a focus on cost management, Amazon’s valuation now trades at 29 times estimated earnings—below its 10-year average above 53 but above the Nasdaq 100 Index multiple. Analysts remain optimistic, with 94% recommending a buy, and Amazon's stock still sits 15% below its average target price, signaling further upside potential over the next year.

Montage Gold: 300k oz Au per year

The stock market and stuff

• Pan American Silver Q3 2024: Record Cash Flow Overshadowed by Tax Setbacks (theDeepDive)

• Gold Prices Power Kinross to $1.43B Revenue in Q3 2024, But Output Drop And Rising Costs Spark Concern (theDeepDive)

• Oil prices fall as Trump’s election victory pushes U.S. dollar higher (Globe)

• Super Micro Faces Inflated Debt Amid Auditor Exit and Plummeting Profits (theDeepDive)

In the juniors

• McEwen’s Q3 Revenue Climbs 36% Amid Gold Price Gains (theDeepDive)

• Kits Eyecare Posts Q3 Revenue of $41.9 Million (theDeepDive)

• Canadian Copper to Buy Caribou Complex for $6.2m | Simon Quick (theDeepDive)

• Aurora Cannabis Posts Record EBITDA But Free Cash Flow Remains In The Red (theDeepDive)

FULL DISCLOSURE: Sterling Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Sterling Metals. The author has been compensated to cover Sterling Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.