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Ford Hits Record Low Approval

Premier Doug Ford’s Progressive Conservatives still hold the machinery of government in Ontario. The premier’s harder problem is that fewer voters appear willing to approve of how that power is being used.

Angus Reid Institute’s June 2026 premier approval tracker put Ford at 21%, down 10 points from the previous quarter and the lowest mark of his time as premier.

Ontario MPPs voted 57–28 on June 2 to adjourn the House until 10:15 a.m. on October 27, 2026, showing that Ford’s party still has the house. Despite legislature’s long break, committees can still meet, and some legislative work can continue outside the main chamber. But the political image is simple: at a moment when Ford’s approval has fallen to 21%, the most visible accountability forum at Queen’s Park is going quiet for nearly five months.

You can read more on the matter here.

What’s going on?

• Romania-Moldova Unification Bill Clears First Chamber Despite Government Opposition (theDeepDive)

• US banks would lose $700bn in economic crash, Fed stress tests find (FT)

• Right-Wing Newcomer Narrowly Wins Colombian Presidential Elections (theDeepDive)

• Canada’s Lobster Capital Is Trying to Become an Oil and Gas Giant Too (Bloomberg)

• Has Carney Become The Trump Of Canada? (theDeepDive)

• Canada rejected more than half of all World Cup visitor applications (CTV)

• Moscow’s Kapotnya Refinery Faces Six-Month Outage After Ukrainian Drone Strikes (theDeepDive)

• Trump berates Senate Republicans over Iran war vote (Globe)

• France Confirms Ebola Case Tied To Congo Outbreak (theDeepDive)

What’s the latest?

• Real Estate: Homes valued below $500,000 now account for 24% of Ontario properties, up from 17% in 2022, though still far below the 67% share seen a decade ago. The share of homes worth over $1 million has fallen from 35% in 2022 to about 25% today. Condo affordability improved significantly, with 46% of condos now valued under $500,000 versus 24% in 2022. The number of Ontario municipalities with median home values above $750,000 declined from 105 to 65 between 2022 and 2026.

• Markets: The TSX fell 191 points to 34,736, led lower by energy and materials stocks, while the Nasdaq lost 110 points as Microsoft dropped 2.3% and Oracle fell 4.7%. Oil prices continued to decline, with WTI crude falling to US$70.34 and Brent crude dropping to US$73.87 amid U.S.-Iran peace negotiations. Gold fell US$140.60 to US$4,008.80 per ounce, down sharply from levels above US$5,000 earlier this year. The Canadian dollar weakened to 70.25 U.S. cents from 70.42 cents the previous day.

• Alibaba: Alibaba has sued the U.S. Department of Defense after being added on June 8 to the Pentagon’s list of 188 Chinese military-linked companies, arguing the designation lacks factual and legal basis. The company says the label is damaging relationships with U.S. partners and preventing access to defense-related business opportunities. Another Chinese firm, WuXi AppTec, filed a similar lawsuit on June 11, while Beijing recently imposed sanctions on 10 U.S. military-related companies. The dispute adds to growing U.S.-China tensions as both countries attempt to stabilize relations.

• BoC: The Bank of Canada kept its policy rate at 2.25% for a fifth straight meeting despite the economy unexpectedly contracting in the first quarter after forecasting 1.5% annualized GDP growth. Policymakers said most industries continued to expand and early second-quarter data pointed to a recovery. Officials stated that Canada is not currently in a recession, citing resilient household activity and limited broad-based weakness. Markets widely expect the Bank to leave rates unchanged again at its July 15 meeting.

• Politics: Prime Minister Mark Carney and President Donald Trump held a phone call ahead of the NATO summit scheduled for July 7–8 in Ankara, Turkey, though neither side disclosed the topics discussed. The summit comes amid the ongoing Russia-Ukraine war and the aftermath of the U.S.-Iran conflict. Turkish Foreign Minister Hakan Fidan is set to visit Canada this week before the meeting. Carney and Trump also spoke during the recent G7 summit in France but did not hold a formal bilateral meeting.

We’re in a New Era of Gold Price Discovery

The stock market and stuff

• China Banks Push Gold Margin Requirement As High As 140% (theDeepDive)

• JPMorgan CEO Calls “A Bull Market” But Bank’s Earnings Already Showed It (theDeepDive)

• Micron profits soar nearly 1,400% amid global memory chip shortage (FT)

• Gold Breaks $4,000 for First Time Since November (theDeepDive)

• Supreme Court Clears the Way for Exxon to Sue Cuba Over $1 Billion in Assets Seized 65 Years Ago (theDeepDive)

In the juniors

• Eagle Gold Receiver Sues Engineering Firm over 2024 Heap Leach Disaster (theDeepDive)

• Newcore Gold’s Enchi PFS Pegs After-Tax NPV at $496 Million (theDeepDive)

• Granada Gold’s Resource Jumps to 1.76 Million Ounces Across All Categories (theDeepDive)

• NexMetals Boosts Selkirk Resource 70%, Shifts Bulk of Resource to Indicated Category (theDeepDive)

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