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Gold Hits Record $4,000 Milestone

Gold prices crossed the historic $4,000-per-ounce threshold during Tuesday’s trading session before settling back, marking an unprecedented achievement for the precious metal.

Futures contracts for gold started Tuesday’s session at $3,983 an ounce, representing a nearly 1% gain from the prior day’s closing figure of $3,948.80. During early market activity, prices pushed beyond the $4,000 level before declining.

The rally extends a powerful upward trend, with prices climbing more than 11% since early September. Multiple factors have driven this surge, including the federal government shutdown that began October 1 and investor expectations that the Federal Reserve will cut interest rates further.

You can read more on the matter here.

What’s going on?

• Canada Deficit to Hit $100 Billion, More Than Double Forecast (theDeepDive)

• US liquor exports to Canada drop 85 percent (Hill)

• China Uses Hidden Network to Fund Iranian Oil Purchases —WSJ (theDeepDive)

• OpenAI eyes artificial intelligence data-centre capacity in Canada (Globe)

• Deloitte to Refund Australia for AI-Generated Errors in Government Report (theDeepDive)

• US Treasuries Risk Losing Haven Status, Pension Official Says (Bloomberg)

• Tether Seeks $200 Million for Tokenized Gold Treasury Company (theDeepDive)

• James Comey Pleads Not Guilty to Charges of Lying to Congress (WSJ)

What’s the latest?

• Cocoa: Cocoa futures for December fell 1.4% to $6,090 per ton, down 10% in a week and reaching their lowest level since early 2024. Prices had peaked at $12,931 in mid-December. Analysts at Citi and Societe Generale warn the commodity is “extremely oversold,” with short positions at their highest since August 2022. J.P. Morgan notes open interest is rebounding, signaling possible short covering and a price recovery.

• Markets: U.S. stocks edged higher Wednesday, with the S&P 500 up 0.1% and the Dow Jones Industrial Average down 20 points. Gold surpassed US$4,000/oz, up over 50% this year amid inflation and debt concerns. AI-related stocks fueled gains: AST SpaceMobile jumped 17%, Dell Technologies rose nearly 6%, and Nvidia is up 40% YTD. The Bank of Englandwarned of a potential “sudden correction” in AI stock valuations.

• AI: Chris Lehane warned that Canada risks becoming like Maine if it fails to convert its AI advantages into economic gains. He compared AI infrastructure exports to Maine’s lumber being sold back as furniture at higher prices. Canada’s talent and energy could benefit others without proper strategy. The federal government is drafting an AI plan and considering a sovereign cloud to address this.

• Politics: Prime Minister Mark Carney left Washington, D.C. without a deal to lift U.S. tariffs on Canadian goods, despite a warm reception from U.S. President Donald Trump. Trump praised Carney and claimed he’d leave “very happy,” but offered no sign of easing trade measures. Carney met with Joshua Bolten of the Business Roundtable, while Foreign Affairs Minister Anita Anand met Secretary of State Marco Rubio. Trade Minister Dominic LeBlanc remains in Washington to continue negotiations, citing “substantial progress.”

• Union: Canadian Union of Postal Workers accuses Canada Post of diverting business to its 91%-owned subsidiary Purolator amid a nationwide strike that began on Sept. 25, 2025. Canada Post lost $841 million before tax in 2024, while Purolator earned $294 million in profit and saw a $300 million revenue increase this year. CUPW claims Purolator is offering steep discounts and hiring gig workers, undermining their leverage. Canada Post denies the allegations, while Teamsters Canada declared solidarity with striking workers but continues handling higher parcel volumes.

Atlas Salt Updated Feasibility Study

The stock market and stuff

• xAI Raises $20 Billion in Funding Round Backed by Nvidia (theDeepDive)

• Cenovus Bumps MEG Energy Offer To $29.80 A Share (theDeepDive)

• Jefferies reveals $715mn fund exposure to First Brands invoices (FT)

• Artemis Gold Reports Q3 Production Of 60,985 Ounces (theDeepDive)

• Teck Resources Slashes Guidance Across Operations Following Operational Issues (theDeepDive)

In the juniors

• McEwen Copper’s Los Azules Feasibility Study Pegs $2.94B NPV8%, 19.8% IRR (theDeepDive)

• Endeavour Silver Reports Q3 Production Of 3.0 Million Silver Equivalent Ounces (theDeepDive)

• Jericho, Smartkem To Merge As US-listed AI Infra Firm (theDeepDive)

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