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Gold Slump Masks Strong Demand

Gold has now fallen for nine consecutive sessions — its longest losing streak since 2023 — trading near $4,250 as of Monday. Silver has tracked even lower, sliding to around $65 per ounce. What the price charts don’t show is who wasn’t selling.

Read: Gold Sheds Nearly $400 in Two Sessions as Hawkish Fed and Hot Inflation Data Hammer Precious Metals

Central banks kept buying. The Iran conflict driving oil above $110 and forcing the Fed’s hawkish hand is the same conflict reinforcing sovereign demand for physical reserves held outside Western clearing systems — cutting against the paper selloff, not with it.

You can read more on the matter here.

What’s going on?

• Ukraine Strikes Russia’s Largest Baltic Oil Port in Escalating Energy War (theDeepDive)

• Canada Not Tracking Foreign Students After Visas Lapse, Audit Says (Bloomberg)

• Who’s Betting on an Iran Ceasefire — and What Do They Know? (theDeepDive)

• Poilievre speaks on ‘boosting’ Canada’s leverage with U.S. (HT)

• Air Canada Flight Hits Fire Truck At LaGuardia, 2 Dead (theDeepDive)

• OnlyFans owner Leonid Radvinsky dies of cancer at 43 (Globe)

• How BC’s 150-Year Treaty Gap Created Overlapping Land Claims (theDeepDive)

• Flights disrupted after crash at NY’s LaGuardia airport kills two (FT)

• US-Japan To Go Nuclear With $40B SMR Initiative (theDeepDive)

What’s the latest?

• Trump: President Donald Trump announced a 5-day pause on U.S. strikes targeting Iran’s energy infrastructure, citing “productive talks,” though Iran denied any negotiations. The move signals potential de-escalation around the Strait of Hormuz (≈20% of global oil flow), with Trump suggesting it could reopen soon if a deal is reached. Markets reacted quickly, with oil prices falling, stocks rising, and the dollar weakening on hopes of reduced conflict.

• Economy: Rising fuel and fertilizer costs from the Iran conflict could push grocery prices up 10–15% in the coming months, with urea up ~$500/tonne and nitrogen +$250/tonne, increasing farming costs by $40–$60 per acre. About ~1/3 of global fertilizer supply is disrupted due to the Strait of Hormuz closure, though short-term supply is stable as farmers have stockpiles. Support programs like FCC loans up to $500K are helping farmers manage costs, but prolonged disruptions could lead to shortages and higher consumer prices.

• Markets: Markets rebounded after Trump delayed action on Iran, with S&P/TSX +435 pts to 31,752.62, and U.S. indexes up (Dow +738 pts, S&P 500 +84, Nasdaq +294). The rally followed a sharp drop in oil (−$9.67 to $88.56) and gold (−$160.60 to $4,414.30), while the Canadian dollar edged up to 72.96¢ USD. The move reflects a sentiment shift on potential de-escalation, though volatility remains high.

• Tech: Norway-based chip startup Lace raised $40M to develop helium atom-beam lithography, a new method that could make chip features ~10× smaller than current systems (down to ~0.1 nm vs. ~13.5 nm for ASML tools). The technology could enable near-atomic resolution and major gains in AI chip performance, challenging existing lithography approaches. Lace targets a pilot fab test around 2029, backed by investors including Microsoft (M12) and Atomico.

• Politics: Ontario plans to take control of Toronto’s Billy Bishop Airport lands and designate it a special economic zone, allowing it to override regulations and fast-track expansion, including a runway extension for jets. The project aims to boost capacity, reduce pressure on Pearson, and expand routes, with estimates of $8.5B annual economic impact by 2050 and ~23,000 construction jobs. The move faces opposition over environmental, noise, and local governance concerns.

Why Hard Assets May Be Far From Finished

The stock market and stuff

• Coeur Mining Updates 2026 Guidance After New Gold Acquisition Closes (theDeepDive)

• Volume in stock and oil futures surged minutes before Trump’s market-turning post (CNBC)

• Why the Market May Be Misreading Iran | David Woo (theDeepDive)

In the juniors

• Liberty Gold Offloads Goldstrike Project For US$72.5 Million To Heliostar (theDeepDive)

• Silver47 Kicks Off 7,000-Meter Drill Campaign at Nevada’s Hughes Project (theDeepDive)

• IMPACT Silver Suspends Mining Operations At Plomosas Over Cost Concerns (theDeepDive)

• Why US Fertilizer Supply Could Matter a Lot More Now | Pat Varas – Sage Potash (theDeepDive)

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