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Saudi Bank Bets Big on Silver

The Saudi Central Bank has reportedly taken a significant position in the iShares Silver Trust (NYSE: SLV) ETF, according to market analysis, in what appears to be an unprecedented move by a central bank to gain silver exposure through an exchange-traded fund.

The purchase, reportedly executed August 14, 2025, represents a departure from traditional central bank strategies that have focused primarily on gold and foreign currencies. The Saudi Arabian Monetary Authority (SAMA), which manages over $700 billion in foreign holdings, has not publicly disclosed the size of its position.

You can read more on the matter here.

What’s going on?

• Pentagon to Buy $500M in Cobalt as China Restricts Minerals (theDeepDive)

• Canada signs defence pact with Indonesia ahead of Indo-Pacific exercise (CTV)

• Trump Administration Halts 80% Complete Rhode Island Offshore Wind Project (theDeepDive)

• Hundreds of Canadian companies making ‘dual use’ products useful for defence, survey finds (Globe)

• Canada Rolls Back On Most Counter-tariffs But Keeps Metal Duties (theDeepDive)

• Trump chides South Korea’s Lee before Washington trade talks (FT)

• Judge Calls DOJ’s Effort to Unseal Epstein Grand Jury Transcripts ‘A Diversion’ (theDeepDive)

• Canadian, US Officials to Meet After Canada Removes Some Tariffs (Bloomberg)

• Volkswagen Charges Monthly Fee to Unlock Car’s Full Horsepower (theDeepDive)

• How a Historic Immigration Drop Is Changing the Job Market (WSJ)

What’s the latest?

• Real Estate: U.S. new home sales fell 0.6% in July to a 652,000-unit annual rate, with June’s pace revised up to 656,000. Sales dropped 8.2% year-over-year, while inventory stayed high at 499,000 units, equal to 9.2 months of supply. The median new home price fell 5.9% to $403,800, the lowest in eight months, as affordability pressures and high mortgage rates continued to weigh on demand.

• Stocks: U.S. stocks were mixed Monday, with the S&P 500 flat near record highs, the Dow down 234 points (-0.5%), and the Nasdaq up 0.3% on tech gains from Alphabet (+2%) and Nvidia (+2.1%). Treasury yields edged higher, with the 10-year at 4.28% and the 2-year at 3.73%, as markets priced in an 86% chance of a Fed rate cut in September. Inflation remains slightly above target, with July PCE expected at 2.6% year-over-year, while Nvidia, Best Buy, and Dollar General earnings this week could guide market sentiment.

• AI: Elon Musk’s xAI has sued Apple and OpenAI in U.S. federal court, alleging they conspired to block competition in AI. The lawsuit claims Apple’s exclusive deal with OpenAI suppresses xAI apps like Grok and X on the App Store. Musk’s xAI, launched less than two years ago, recently bought X for $33B and integrated Grok into Tesla cars. Musk is also pursuing a separate lawsuit against OpenAI and CEO Sam Altman over its shift from nonprofit to for-profit.

• Commodities : The U.S. Geological Survey proposed adding copper, potash, silver, lead, and silicon to the 2025 draft critical minerals list. Copper is vital for defense and the power grid, while potash is key for fertilizers. Inclusion makes projects eligible for federal funding, faster permitting, and competitiveness against imports. The list is open for public comment for 30 days.

• Puma: The Pinault family’s Artemis is weighing options for its 29% stake in Puma, valued at about €800M ($937M), and has sounded out potential buyers, Bloomberg reported. Puma’s shares, down over 60% in two years, surged 18% Monday on the news. Artemis faces investor scrutiny over high debt and had previously issued a €500M exchangeable bond linked to Puma but was forced to repay in cash due to weak share performance.

Sandstorm Gold Q2 Earnings

The stock market and stuff

• Ivanhoe Set To Begin Stage Two Dewatering At Kakula Mine (theDeepDive)

• Sandstorm Gold Fades Into Royal Gold Merger (theDeepDive)

• xAI sues Apple and OpenAI over deal to integrate ChatGPT into iPhones (FT)

• First Majestic Q2 Earnings: Another Record Quarter (theDeepDive)

In the juniors

• Eagle Gold Mine For Sale: Buyer Should Have Mining & Heap-Leach Experience And Disclose Plan To Reopen (theDeepDive)

• Avino Silver To Spend $21 Million Extinguishing Royalties And Contingent Payments At La Preciosa (theDeepDive)

• Mako Mining Posts Flat Net Income Despite Revenue Jump In Q2 2025 (theDeepDive)

• Sailfish Royalty Saw Revenue Plunges, Net Income Crater In Q2 2025 (theDeepDive)

• AbraSilver Hits 60.0 Metres Of 1.05 g/t Gold At Diablillos (theDeepDive)

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