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Russia Taps Gold Reserves for Cash

Russia’s Central Bank announced Wednesday it will sell physical gold from its reserves for the first time, turning to one of its last liquid assets as sanctions and war costs force the Kremlin to drain the National Wealth Fund that once held $113.5 billion.

Previously, gold transactions were largely virtual accounting moves that kept bullion within Russia’s reserves. The Central Bank will now sell gold physically on the domestic market, converting the metal directly into rubles to fund government operations.

Russia maintains more than 2,300 tons of gold in its total national reserves, the fifth-largest stockpile globally. The Central Bank did not disclose the timing or volume of the physical sales.

You can read more on the matter here.

What’s going on?

• Over 90% Of Philippine Nickel Ore Still Goes To China (theDeepDive)

• Ryan Wedding organization allegedly used cryptocurrency to launder drug money (Globe)

• Pipeline Revival Becomes Tentpole Of Ottawa-Alberta Energy Pact (theDeepDive)

• US and Ukraine draft new 19-point peace plan but defer biggest decisions (FT)

• Chrystia Freeland to Lead Rhodes Trust, Move to Oxford (theDeepDive)

• US judge tosses cases against ex-FBI chief Comey, New York AG James (Reuters)

• X Pauses Location Feature Days After Rollout Exposed Foreign-Based MAGA Accounts (theDeepDive)

• Michael Burry launches newsletter to lay out his AI bubble views after deregistering hedge fund (CNBC)

• SAAB’s Aircraft Pitch Ushers Minted Canada-Sweden Partnership (theDeepDive)

• Pentagon Probes Allegations of Misconduct Against Democratic Sen. Mark Kelly (WSJ)

• Canada Post Job Cuts Loom For “Leaner Organization” After $1B Loss (theDeepDive)

What’s the latest?

• Trade War: EU ministers will press U.S. officials to implement more of the July EU-U.S. trade deal, specifically by cutting U.S. tariffs on EU steel and removing duties on goods like wine and spirits. The U.S. currently applies 15% tariffs on most EU goods and 50% tariffs on steel, aluminum, and 407 derivative products. The EU’s removal of its own U.S. tariffs may not occur until March–April, requiring parliamentary approval. Officials warn the deal could be weakened as the U.S. considers new tariffs on trucks, critical minerals, planes, and wind turbines, while both sides also face tensions over China-related trade issues.

• Markets: U.S. stocks rose Monday, with the S&P 500 up 1.4%, Dow +221 pts (0.5%), and Nasdaq +2.4%, driven by expectations of a Fed rate cut in December and strong AI-linked gains (Alphabet +5.2%, Nvidia +2.1%). Traders now assign a 77% probability to a December cut, up from 71% last week. Key risk ahead: Tuesday’s wholesale inflation report, expected at 2.6% YoY. Notable movers included Novo Nordisk –5.8%, Grindr –9.9%, and Bitcoin trading near $87.6K after wide swings.

• Tech: Amazon will invest up to $50B to expand AI and high-performance computing capacity for U.S. government clients, adding 1.3 GW of new data-center capacity starting in 2026. The expansion will give agencies access to AWS AI tools, Anthropic’s Claude models, Nvidia chips, and Amazon’s Trainium chips. This follows massive U.S. AI-infrastructure plans, including the $500B Stargate venture by Oracle, OpenAI, and SoftBank. Amazon now expects $125B in 2025 capital spending as tech firms race to scale AI infrastructure.

• Geopolitics: Canada and India have agreed to restart talks toward a new Comprehensive Economic Partnership Agreement (CEPA), with PM Mark Carney saying the deal could double bilateral trade to $70B. The reset comes after years of diplomatic tensions, including allegations of India’s involvement in the 2023 killing of Hardeep Singh Nijjar and subsequent expulsions of diplomats. Trade Minister Maninder Sidhu emphasized dialogue but avoided calling India a “reliable partner,” while India’s high commissioner said Canada is “not yet” a reliable supplier. India remains Canada’s 7th-largest trading partner with $30.9B in 2024 trade and is the country’s largest source of immigrants and international students.

• Black Friday: A record 186.9M Americans are expected to shop between Thanksgiving and Cyber Monday, up from 183.4M in 2024, but holiday sales growth is projected to slow to 3.7–4.2%, below last year’s 4.8%. Rising prices and tariff-driven costs are pushing shoppers to cut budgets—average spending is expected to drop to $890 per person from $902. Many consumers are avoiding major purchases due to higher living costs (e.g., 2026 healthcare premiums), with some families reducing gift budgets by more than 50%. Retailers have fewer deep promotions this year, though Walmart is offering notable discounts like an 85-inch TV for $498 and a Blackstone grill for $157.

B2Gold Q3 Results

The stock market and stuff

• Ottawa Now Chasing Nutrien Back: “Hoping To Persuade The Company” (theDeepDive)

• IAMGOLD Q3 Earnings: Market Responds With MASSIVE Price Lift (theDeepDive)

• Barrick Mining reaches deal to settle dispute with government in Mali (BNN)

• Metro Meekly Grows Earnings In Q4 2025 As Freezer Hit Bites Margins (theDeepDive)

• BHP Renews—Then Withdraws—Offer To Acquire Anglo American (theDeepDive)

In the juniors

• Silver47 Hits 606 g/t Over 9.7 Metres Silver Equivalent In Final Assays From 2025 Drill Program At Red Mountain (theDeepDive)

• Hecla Mining Reports High-Grade Gold Discovery at Midas with Visible Gold Intercepts; Expands Mineralization at Keno Hill and Greens Creek (JMN)

• Guanajuato Silver To Acquire Bolanitos Mine From Endeavour For US$50 Million (theDeepDive)

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