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MAGA Rift Grows Over Iran War

Donald Trump campaigned on a promise so simple his supporters could shout it back at him: no new wars. He said it at rallies, he said it in debates, he said it in his victory speech. It was among the clearest commitments he made to the voters who returned him to the White House in 2024.

On Thursday, he called those same voters’ favorite commentators “NUT JOBS,” “TROUBLEMAKERS,” and “stupid people” with “low IQs” — because they had the nerve to hold him to it.

The result was something that has rarely happened on Truth Social, a platform Trump built as a safe space for his base: a public revolt.

You can read more on the matter here.

What’s going on?

• The Scandal That Can Change Brazil’s Polls In October (theDeepDive)

• Kamala Harris confirms she’s ‘thinking’ about 2028 presidential bid (Globe)

• Hunter Biden Challenges Trump Sons to A Cage Match (theDeepDive)

• US inflation jumps to two-year high as Iran war ripples across economy (FT)

• FLASHBACK: Rubio In 2023 Warned Dollar Dominance Could Collapse in Five Years, Undermining US Sanctions Power (theDeepDive)

• Jet Fuel Crunch Is Getting Severe With No Reprieve in Sight for Airlines (WSJ)

• Trump Tariffs Vs. Supreme Court Part 2 (theDeepDive)

• Average tax refund is 11% higher, latest IRS filing data shows (CNBC)

• Gold Overtakes US Treasuries in Central Bank Reserves for the First Time Since 1996 (theDeepDive)

• Canada Job Gain of 14,100 Fails to Offset Recent Losses (Bloomberg)

• The Pentagon Tried to Intimidate the Pope—and It Backfired: Here’s What We Know (theDeepDive)

What’s the latest?

• Tech: SpaceX is targeting a $1.75T valuation in a potential IPO raising ~$75B, implying ~110x 2025 revenue, far exceeding traditional aerospace comps (~20x earnings) and even high-growth peers like Palantir (43x revenue, 75x earnings). Investors justify this using AI and infrastructure comparables, citing a $370B space market and $1.6T Starlink opportunity. The valuation reflects growth expectations and investor sentiment rather than conventional metrics.

• Tariffs: A U.S. court is reviewing President Trump’s 10% global import tariff, imposed under Section 122 (which allows up to 15% tariffs for 150 days), following a prior Supreme Court ruling that struck down earlier tariffs. The policy is being challenged by 24 states and businesses, arguing misuse of emergency powers meant for short-term monetary crises. The tariffs took effect Feb. 24 and risk becoming indefinite if renewed in cycles.

• Markets: Canada’s TSX rose +243.57 points to 33,721.28, driven by base metals and tech, while U.S. markets were mixed with the Dow -129.13, S&P 500 +14.75, and Nasdaq +173.70. Oil increased to $98.77 (+$0.90), gold fell to $4,797 (-$21), and the Canadian dollar was steady at ~72.33 US cents.

• Energy: Gas prices in Toronto dropped 13 cents, with another 1-cent drop expected, but diesel is set to rise 4 cents, while Brent crude remains elevated at ~$97 (+30% since war start). Ship traffic through the Strait of Hormuz is still limited (12 ships vs. 100+ daily pre-war), and analysts estimate months (until ~June) for stabilization due to supply disruptions and refinery damage. Tanker logistics also add delays, with ~30 days per trip cycle, prolonging price volatility.

• Labour Market: Canada added 14,000 jobs in March, with unemployment steady at 6.7%, following a prior loss of 100,000+ jobs over January–February. Manufacturing jobs are down 44,000 YoY, while wages rose 4.7% YoY (or 3.6% adjusted). Regional weakness includes B.C. losing 19,000 jobs, and markets expect the Bank of Canada to hold rates (~93% probability) at 2.25% amid a soft labour market and inflation risks.

Blackrock Silver’s PEA

The stock market and stuff

• Peru Revokes Southern Copper’s $1.8 Billion Tía María Permit Amid Legal Concerns (theDeepDive)

• Torex Gold Sees Media Luna Hit Design Capacity Nine Months Ahead of Schedule (theDeepDive)

• BYD to open 20 car dealerships in Canada this year (FP)

• Lundin Gold Sees Production Edge Higher In Q1 Following Record Mill Throughput (theDeepDive)

• Artemis Gold Sees Production Slip In Q1 Following Unplanned Shutdown In March (theDeepDive)

In the juniors

• Great Pacific Gold Intersects 59.9 m @ 1.43 g/t AuEq at Kavasuki, Including 14.0 m @ 2.69 g/t AuEq, Wild Dog Project (JMN)

• Seabridge Gold Sees BC Ministry of Mines Delay Permits For Key KSM Tunnels (theDeepDive)

• Eastport Critical Metals Provides Semarule-REE Drilling Update (JMN)

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