Sponsored by Sonoro Gold

Slashes Four Zeros from Currency

JPMorgan analysts predict gold could surge to $6,000 per ounce by 2029, an 80% increase from current levels, if foreign investors move just 0.5% of their US asset holdings into the metal.

According to a note released on Wednesday, such a minimal reallocation would direct approximately $273 billion toward gold over four years, equating to roughly 2,500 metric tons and potentially yielding 18% annual returns.

“While hypothetical, this scenario illustrates why we remain structurally bullish gold and think prices have further to run,” the analysts said. The precious metal has surged more than 20% this year, with values doubling compared to three years ago. Gold currently trades near $3,300 per ounce.

You can read more on the matter here.

What’s going on?

• Financial Woes Force Nissan to Scrap EV Battery Project in Japan (theDeepDive)

• Trump secures $600-billion Saudi investment pledge, $142-billion arms package on Gulf tour (Globe)

• Despite Warmer Relations, US Envoy Says Canada Tariffs Likely to Persist (theDeepDive)

• China’s Xi Jinping backs Panama against US over canal (FT)

• House GOP Tax Bill: Raises Debt Limit By $4T, Spares the Wealthy (theDeepDive)

• Trump Administration Pulls Another $450 Million From Harvard (WSJ)

• No Relief for Shein and Temu Customers as White House Maintains Small Package Tariffs (theDeepDive)

• Trump says U.S. will remove all sanctions on Syria (CNBC)

• Panama Copper Mine Restart Could Be the Key to US Mineral Security (theDeepDive)

• New condo market in Greater Vancouver in dire shape (Globe)

• NDP Faces Major Funding Shortfall After Election Setback (theDeepDive)

• Elon Musk says Starlink was approved in Saudi Arabia (CNBC)

What’s the latest?

• Honda: Honda Canada is delaying its $15B EV project in Ontario by two years due to weak market demand. The project, backed by $5B in government support, was set to add 1,000 jobs and produce 240,000 vehicles annually by 2028. Honda’s profit dropped 24.5% to US$5.6B, and U.S. tariffs are expected to cut another US$4.4B next year. The company may shift production to U.S. plants to reduce tariff impacts.

• Scotiabank: Scotiabank is partnering with India’s ICICI Bank to offer wealth management services to affluent South Asian Canadians—an underserved but fast-growing segment. ICICI clients in Canada will gain access to Scotiabank’s financial planning and advisory services. The move supports Scotiabank’s goal of growing its wealth division by 10% annually. The bank earned $1.58B from wealth in 2024 and sees the sector as key for earnings diversification.

• Nissan: Nissan is cutting about 20,000 jobs—or 15% of its global workforce—and closing 7 of its 17 factories as part of a major restructuring plan. The automaker posted a ¥670.9B ($4.5B) loss for the fiscal year, hit by weak sales, high restructuring costs, and U.S. tariffs. CEO Ivan Espinosa said the company must become leaner and more adaptable, aiming to return to profitability by FY2026. Nissan also plans to reduce costs by ¥500B ($3.4B) and will rely more on partnerships with Renault in Europe and Dongfeng in China.

• Robinhood: Robinhood is acquiring WonderFi Technologies for about $250 million (US$179 million) in cash, paying a 41% premium at 36 cents per share. WonderFi operates two Canadian crypto platforms with over $2.1B in assets under custody. The deal will help Robinhood expand its crypto services in Canada, following its 2024 Toronto HQ launch. WonderFi staff will join Robinhood’s 140 Canadian employees, with the deal set to close in the second half of 2025. WonderFi CEO Dean Skurka was reportedly kidnapped and ransomed last year.

• Egg Prices: Egg prices dropped 18% in April to $5.12 per dozen, down from two straight months of record highs, according to the U.S. Bureau of Labor Statistics. The USDA forecasts U.S. egg production will rise nearly 6% to 9.32 billion dozen in 2026, with average prices falling to $2.16 per dozen. Imports are also expected to nearly triple this year to 103.7 million dozen. However, tariffs and recent bird flu outbreaks could keep short-term prices elevated.

Equinox Gold Q1 Earnings

The stock market and stuff

• Bell Axes Labrador Internet Expansion, Plans US Investment (theDeepDive)

• Gold Could Reach $6,000 by 2029 on Small Shift from US Assets – JPMorgan (theDeepDive)

• UnitedHealth CEO Is Out, Sending Shares Lower (WSJ)

• Orla Mining Swings to Net Loss In Q1 2025 Despite Record Sales Due To Musselwhite (theDeepDive)

In the juniors

• Golden Cariboo Resources Intersects Additional Strong Veining with Visible Gold in Halo Zone Extension (JMN)

• Intuitive Machines shares surge to 2-mth high on earnings, moon milestone (SA)

• West Red Lake Gold Intersects 48.97 g/t Au over 18.7m, 52.86 g/t Au over 4.5m and 25.49 g/t Au over 7.5m at South Austin – Madsen Mine (JMN)

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