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Price Floors Make a Comeback

Critical mineral price floors are back on the agenda as a policy design problem, with the US and Mexico launching a 60-day action plan that explicitly contemplates “possible price floors for certain mineral imports.”

The same initiative is being framed as a template for a wider allied trading zone. Vice President JD Vance said members should form “a trading bloc among allies and partners that guarantees American access” while expanding production across the zone.

The US–Mexico plan centers on coordinated trade policies aimed at mitigating vulnerabilities in critical mineral supply chains, with workstreams that Reuters summarized as including trade measures, regulatory alignment, investment strategies, and joint stockpiling efforts.

You can read more on the matter here.

What’s going on?

• Alberta Oil Production Hits Record 4.1 Million Barrels Daily in 2025 (theDeepDive)

• Trump administration to end job protections for up to 50,000 federal workers (Reuters)

• Toronto Home Prices Dip Below $1 Million Mark as Market Adjusts to Elevated Inventory (theDeepDive)

• Carney reinstates EV buyer incentives, scraps sales mandate (Globe)

• Toys R Us Canada Files For Restructuring As Debts Pile Up (theDeepDive)

• The American and Chinese Economies Are Hurtling Toward a Messy Divorce (WSJ)

• Central Banks Buy 19 Tonnes of Gold in December, Cap Year at 328 Tonnes (theDeepDive)

• US job cuts surge to highest January total since 2009 (FT)

What’s the latest?

• EVs: Canada announced a new national auto strategy that includes a five-year $2.3B EV rebate program starting Feb. 16, offering up to $5,000 per EV and $2,500 per plug-in hybrid, limited to vehicles under $50,000 from free-trade partners. The federal EV sales mandate is being replaced with emissions standards, targeting 75% EV sales by 2035 and 90% by 2040. Ottawa will also deploy $3B for auto manufacturing investment and $1.5B to expand EV charging infrastructure, as the sector supports over 500,000 jobs and $16B in GDP.

• Labor Markets: U.S. job openings fell to 6.5 million in December, the lowest level since September 2020 and below forecasts, signaling continued labor market weakness. Employers have added just 28,000 jobs per month since March, far below the 400,000 monthly pace seen in 2021–2023. Recent data also show 22,000 private-sector jobs added (ADP) and 108,000 layoffs in January, the highest January total since 2009.

• Markets: Canada’s main stock index fell 532 points to 32,039, dragged down by base metal and energy stocks, while U.S. markets also declined. The Dow lost 517 points, the S&P 500 fell 1.1% and the Nasdaq dropped 1.4%. Oil slid US$2.01 to US$63.13 per barrel, while gold fell US$99 to US$4,851.50 an ounce, and the Canadian dollar eased to 73.06 cents US.

• Crypto: Bitcoin fell below $67,000, down about 20% this week and more than 45% from its October peak near $126,000. The cryptocurrency is underperforming gold sharply, down nearly 30% year over year versus gold’s 68% gain. Institutional demand has reversed, with U.S. bitcoin ETFs turning into net sellers in 2026 and over $2 billion in crypto positions liquidated this week.

• Real Estate: CMHC says financial stress is rising among homeowners in Toronto and Vancouver, with missed mortgage payments expected to increase, though they remain near historic lows. More than 1.5 million households have already renewed mortgages at higher rates, with another 1 million set to renew in the next year. First-time buyers from the low-rate pandemic period are more vulnerable, and many borrowers are extending amortizations to manage payments despite higher long-term costs.

Gold X2 Moss Lake PEA

The stock market and stuff

• Torex Gold CEO Jody Kuzenko To Retire In June (theDeepDive)

• Glencore Signs MOU With US-Backed Group For Sale Of 40% Interest In Two African Mines (theDeepDive)

• US tech rout enters third day as Alphabet shares sink (FT)

• Glencore Suspends $1B Investment Citing Quebec Regulatory Concerns (theDeepDive)

• Barrick Names Mark Hill As Permanent CEO (theDeepDive)

In the juniors

• TomaGold Confirms Presence Of Berrigan Deep Zone Following Geophysics (theDeepDive)

• Vizsla Copper Commences Major Drill Program At The Thira Discovery, Poplar Project (JMN)

• Guanajuato Increases Inferred Resources By 630% At Valenciana Complex (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.