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Gold Demand Soars to 9-Year Q1 High

Gold demand reached its highest first-quarter level in nine years in 2025, driven primarily by a sharp revival in ETF investments amid global economic uncertainties and geopolitical tensions, according to the World Gold Council’s latest Gold Demand Trends report.

Total gold demand, including OTC investment, rose 1% year-over-year to 1,206 tonnes in Q1 2025, the highest for a first quarter since 2016. The average gold price surged to US$2,860/oz, marking a 38% increase from the same period last year and setting multiple new record highs throughout the quarter.

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What’s going on?

• Have Cake and Eat It Too? Alberta Separatists Claim They Would Keep Passports and Pension Benefits (theDeepDive)

• Guilbeault throws cold water on new pipeline, says we have enough already (NP)

• Beijing Ramps Up Gold Imports In Pivot Away from US Dollar (theDeepDive)

• Canada Post hits pause on negotiations with union as May deadline nears (CTV)

• 17 States Sue Trump for Blocking $5 Billion in Electric Vehicle Charging Funds (theDeepDive)

• Trump tells Gulf leaders Iran must cease support of proxy groups as part of any nuclear deal (Globe)

• GOP Moves To Refill Biden-Drained Oil Reserves With $1.3B Bill (theDeepDive)

• US Announces More Than $243 Billion in Deals With Qatar (Bloomberg)

• Trump Removes Second Top Library of Congress Official in Three Days (theDeepDive)

• AI research takes a backseat to profits as Silicon Valley prioritizes products over safety, experts say (CNBC)

What’s the latest?

• Loblaw: Loblaw expects the number of tariff-affected products in its stores to rise from 1,000 to over 3,000 within two weeks, potentially peaking at over 6,000. This still represents a small portion of the 80,000 items it carries, but customers will see price increases in categories like pantry staples and health products. Canada’s $60 billion in reciprocal tariffs on U.S. goods are driving the changes. Loblaw marks impacted items with a “T” symbol.

• Real Estate: Toronto’s housing market is now heavily favoring buyers, with 66% of homes sold in April going below asking price—the highest April share since 2013. The average sale was at 98% of the list price, and Toronto’s benchmark home price dropped 5.4% year-over-year to $1.01 million. Home sales hit a 30-year low (excluding the pandemic), while new listings rose, shifting the power to buyers. Some properties are selling for $50K–$100K below asking, reflecting the steepest buyer advantage since the 1990s.

• Canada Post: Canada Post has paused negotiations with the Canadian Union of Postal Workers, calling recent talks unproductive. The union criticized the move, especially since no date was given for new proposals. The pause comes just over a week before the May 22 deadline, when a potential labour dispute could halt mail service. Canada Post says its upcoming proposals will address major financial challenges threatening its future.

• Trade War: Canada has suspended most retaliatory tariffs on U.S. goods, effectively reducing its tariff rate increase to “nearly zero,” according to Oxford Economics. Exemptions cover manufacturing, healthcare, and auto imports, helping reduce inflation risk and boost growth. Oxford now forecasts Canada’s 2025 growth at 0.9% and 2026 at 0.3%, despite predicting a recession. Some U.S. goods like orange juice, alcohol, and clothing still face tariffs.

• Gold: Gold slipped 0.6% to $3,232.50/oz amid easing U.S.–China trade tensions and softer April inflation, down from a peak above $3,500. A trade truce and weaker U.S. dollar curbed demand for safe-haven assets. Despite recent losses, gold remains about 20% higher year-to-date. Slower inflation may support more Fed rate cuts, which typically favor gold.

Gold $4000, Silver $40: Smart Money is FLOODING the JUNIORS!

The stock market and stuff

• Honda Delays $15B Ontario EV Project, Cites Weak Demand (theDeepDive)

• Wall Street’s sudden rebound catches investors ‘offside’ (FT)

• Ford Suspends Outlook Amid Rare Earth Uncertainty Within US-China Trade Volatility (theDeepDive)

• Aramco signs up to $90 billion in US deals as Trump Gulf tour spurs flurry of tie-ups (Reuters)

• Robinhood To Acquire WonderFi in $250M All-Cash Deal (theDeepDive)

In the juniors

• Independence Gold Resumes Drilling at 3Ts Project in British Columbia (JMN)

• Dryden Gold Provides Drill Program Update at Gold Rock Project (JMN)

• Liberty Gold Commences 40,000 Meter Feasibility Drill Program and Bulk Metallurgical Sampling at the Black Pine Oxide Gold Project, Idaho (JMN)

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.