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Silver Breaks $40, Gold Hits Record

Gold and silver prices surged to their highest levels in over a decade Monday, with silver futures trading above $40 per ounce for the first time since 2011 and gold hovering near all-time highs as investors sought refuge amid growing economic uncertainty.

Silver jumped 2.54% to $40.72 per ounce on Monday, capping a 5% surge over two trading days. The rally has pushed silver up 42.76% compared to the same period last year and 8.81% over the past month alone.

Gold also posted strong gains, trading at $3,499 per ounce on Tuesday, up 1.52% from the previous day after hitting a new high of $3,508 an ounce. The yellow metal has risen 3.10% over the past month and gained an impressive 39.50% compared to the same time last year.

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What’s going on?

• Afghanistan Quake Deaths Pass 1,400 (theDeepDive)

•  Finance Minister announces 100-day plan to fix CRA service delays (Globe)

• Guyana-Venezuela Border Gunfire Involves Election Ballot Transport (theDeepDive)

• US judge blocks Trump administration's use of troops in California (Reuters)

• Chinese-born Canadian Caught Drone Spying at Cape Canaveral Space Force Base (theDeepDive)

• More Fentanyl Shows Up in Random Workplace Tests (WSJ)

• SEC Calls Musk Twitter Case ‘Beyond Dispute,’ Seeks Summary Judgment (theDeepDive)

• Why the UK’s long-term borrowing costs are at a 27-year high (CNBC)

• Federal Appeals Court Rules Trump’s Global Tariffs Illegal (theDeepDive)

• U.S. judge dismisses antitrust lawsuit accusing ten banks of rigging bond prices (Globe)

• Burkina Faso Continues To Nationalize Gold Sector As It Eyes 35% Stake In West African Resources (theDeepDive)

What’s the latest?

• Settlements: Canadians are receiving payments from a $78M auto parts class-action settlement over alleged price-fixing between 1998 and 2016. The settlement covers 23 class actions across Ontario, B.C., and Quebec, targeting parts makers but not automakers. Affected vehicles include brands like Toyota, Ford, GM, Honda, BMW, and Volkswagen. Payments of at least $25 per claim began on Aug. 28 via e-transfer and cheque.

• Enbridge: Enbridge approved a $300M investment to expand its Algonquin gas transmission pipeline, aiming to boost U.S. Northeast supply by 75 million cubic feet per day by 2029. The move comes as U.S. natural gas demand rises from electricity use and LNG exports. Other pipeline firms like Kinder Morgan, Williams, and Energy Transfer are also investing billions in new infrastructure to meet demand.

• WallStreet: U.S. stocks fell sharply Tuesday as rising bond yields pressured markets, with the S&P 500 down 1.4%, the Dow off 516 points (1.1%), and the Nasdaq lower by 1.7%. The 10-year Treasury yield climbed to 4.27%, fueling concerns over government debt and Fed independence amid Trump’s attacks on interest rate policy. Tech stocks led declines, with Nvidia (-3.6%), Amazon (-2.2%), and Alphabet (-2.5%) dragging markets. Gold rose 2% to a record, while Kraft Heinz (-7%) slumped after announcing a split, and Constellation Brands (-6.9%) cut forecasts.

• Trade War : The share of global trade under WTO’s most-favored-nation rules fell to 72% from about 80%, its lowest in decades. WTO chief Ngozi Okonjo-Iweala called it the biggest disruption to trade in 80 years, driven by U.S. tariffs under Trump. She warned the impact could deepen into 2026 as frontloaded trade slows.

• Telus: Telus Corp. will buy the remaining shares of Telus International (Telus Digital) for US$539 million, offering US$4.50 per share. The deal values the company’s equity at about US$1.3 billion, compared to its 2021 IPO price of US$25 per share. Telus says the acquisition will strengthen AI and SaaS capabilities while driving growth across fintech, gaming, communications, and health. The transaction requires shareholder approval.

Orla Gold Q2 Earnings

The stock market and stuff

• Kraft Heinz Spins Into Separate Sauces and Grocery Business Units (theDeepDive)

• Anthropic’s valuation more than doubles to $183-billion after raising $13-billion (Globe)

• US stocks fall as bond sell-off spills into equities (FT)

• G Mining Secures Environmental Approval For Oko West Project (theDeepDive)

In the juniors

• Rare-Earth Miner Secures US Government Funding For Brazil Project (theDeepDive)

• Sage Potash Secures US$14 Million USDA Grant For Flagship Project (theDeepDive)

• Dolly Varden Hits 1,422 g/t Silver Over 21.7 Metres At Kitsault Valley (theDeepDive)

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.