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Fed’s Lisa Cook Defies Trump Firing

President Donald Trump moved to fire Federal Reserve Governor Lisa Cook on Monday, asserting “for cause” authority under US Code and saying the removal is effective immediately.

The White House letter says Trump acts under Article II and the Federal Reserve Act. It attaches a criminal referral dated Aug. 15 from Federal Housing Finance Agency Director Bill Pulte to Attorney General Pamela Bondi. The referral alleges Cook made false statements on mortgage documents, including signing one Michigan agreement promising to occupy a home as a primary residence for the next year and, two weeks later, signing a Georgia document making the same promise.

You can read more on the matter here.

What’s going on?

• Major Shipping Companies Suspend US Deliveries as Trump Tariff Policies Take Effect (theDeepDive)

• Canada to launch talks on shipping LNG to German customers (FP)

• US Proposes Adding Silver to Strategic Minerals List (theDeepDive)

• Canada needs 3.2 million new homes to close housing gap, and it’s not on track yet: PBO (Globe)

• Four Countries Control the Fertilizer That Feeds the World | Sage Potash (theDeepDive)

• Trump Floats Death Penalty for All Convicted of Murder in DC (Bloomberg)

• $10,000 Gold Is Just A Question of Time | Florian Grummes (theDeepDive)

• Whistleblower Says DOGE Put Social Security Data at Risk (WSJ)

• What Happens If Silver Finally Breaks $50? | Gary Thompson – Silver47 (theDeepDive)

• US offers air and intelligence support to postwar force in Ukraine (FT)

What’s the latest?

• Rare Earth: Prices of neodymium and praseodymium (NdPr) oxide in China have surged 40% since July to ¥632,000/ton ($88/kg), the highest since March 2023, after U.S. miner MP Materials halted exports to China. MP previously supplied 7–9% of China’s oxide production, leaving a major gap. Demand from EVs, wind turbines, and electronics, combined with uncertain Chinese quotas, is tightening supply. The U.S. is backing MP with price support at $110/kg to build a domestic rare earth supply chain.

• Hudson’s Bay: Hudson’s Bay landlords are opposing a plan to sell 25 leases to B.C. billionaire Ruby Liu, arguing it primarily benefits lender Pathlight Capital, which is owed $95M. Pathlight is the only creditor supporting Liu’s $69.1M bid, while landlords — including Cadillac Fairview, Oxford, and KingSett — say the deal risks leaving them with failed stores and losses in the hundreds of millions. They claim Liu lacks retail experience and that her plans for entertainment and dining violate lease terms. Landlords allege the Bay is prioritizing Pathlight’s recovery over broader creditor and property interests.

• Canada Post: Canada Post posted a $407M pre-tax loss in Q2, compared with a $46M profit last year, as parcel revenue plunged 38% to $475M on a 36.5% volume drop. Overall revenue fell to $1.51B from $1.65B, with transaction mail up 26% to $732M due to election-related mailings and higher postage rates. Direct marketing revenue dropped 9% to $233M, while consumer products rose to $68M. Labour uncertainty tied to stalled talks with 55,000 workers continues to drive business losses.

• Crypto : Trump Media is launching Trump Media CRO Strategy, a digital asset treasury backed by a $105M purchase of Crypto.com’s CRO token. Yorkville Advisors expects total funding to reach $1B in CRO (≈19% of its market cap) plus $420M in cash and a $5B credit line. CRO’s price spiked 30% to $0.21 after the announcement, though still below its 2021 peak of $0.97. The move adds to Trump’s expanding crypto ventures, which already include a meme coin, Bitcoin holdings, and World Liberty Financial.

• Nvidia: Nvidia is set to report Q2 revenue of $46.02B, up 53.2% YoY, despite U.S.-China trade tensions. China made up 13% of its revenue last year, but curbs could cut $8B in sales, with a $4.5B charge already recorded. Analysts expect Q3 revenue guidance of $52.96B, with $6B potentially from China, though margins may drop 5–15 points on China sales due to a federal deal. Nvidia shares are up over 33% in 2025, outpacing the chip index (+15%) and S&P 500 (+10%).

Endeavour Silver Q2 Earnings

The stock market and stuff

• Swedish Fintech Klarna Reportedly Targets $14B In Revived US IPO (theDeepDive)

• Scotiabank Grows Q3 2025 Profit 32% As Credit Provisions Ease (theDeepDive)

• Canada’s Only Major IPO This Year Is Off to a Rough Start (Bloomberg)

• Did Intel Just Give Away 10% Stake To White House For Free? (theDeepDive)

• BMO Sees Q3 2025 Net Income Jump 25% As Credit Loss Provisions Drop 12% (theDeepDive)

In the juniors

• Marimaca Copper Outlines US$709 Million NPV For MOD Project In Feasibility Study (theDeepDive)

• Sailfish Royalty Saw Revenue Plunges, Net Income Crater In Q2 2025 (theDeepDive)

• Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery (theDeepDive)

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