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Tether Expands Gold Empire With Royalty Stake

Tether acquired an 8.1% position in Gold Royalty (NYSE: GROY), reporting beneficial ownership of 13.8 million common shares. The filing lists Tether Holdings and Tether Investments as reporting persons and pegs the stake at 8.1% against 170.7 million shares outstanding.

Gold Royalty describes its portfolio as more than 250 royalties and streams across the Americas, including interests associated with the Canadian Malartic Odyssey project and Nevada’s Goldstrike REN project. The company says the portfolio has expanded from 18 to more than 250 interests in four years.

You can read more on the matter here.

What’s going on?

• MPs Expand Carney’s Ethics Probe To His Finances, Brookfield Ties (theDeepDive)

• After tough talk online, Trump comes face to face with Carney (Globe)

• Drug cartel bust in Rio de Janeiro kills 119 people (FT)

• Tether Deepens Gold Bet With Gold Royalty Purchase (theDeepDive)

• G-7 to Announce Critical Minerals Alliance to Counter China (Bloomberg)

• Fed to end balance sheet reduction on December 1 (Reuters)

• Liberal Leader: “We Don’t Have The Votes” For Upcoming Budget (theDeepDive)

• Tens of Thousands of White-Collar Jobs Are Disappearing as AI Starts to Bite (WSJ)

What’s the latest?

• Tech: Nvidia became the first company to surpass a $5 trillion market cap after its stock jumped 5.5% on Wednesday. The chipmaker’s value now vastly exceeds most companies, entire sectors, and even some national markets. For comparison, the average S&P 500 firm is worth about $124.8 billion.

• Markets: Canada’s S&P/TSX composite index fell 98.36 points to 30,321.32, dragged by telecom, industrial, and financial stocks. In contrast, U.S. markets gained, with the Dow up 243.37 points to 47,949.74. The Canadian dollar rose to 71.96 cents US after the Bank of Canada cut rates to 2.25%. Crude oil climbed to US$60.96, while gold rose to US$4,022.70 an ounce.

• Politics: The U.S. federal government shutdown, now in its fourth week, could cost the economy up to $14 billion if it lasts eight weeks, according to the CBO. A six-week shutdown would cost $11 billion, while $7 billion in GDP losses is already expected by the end of 2026. The standoff began Oct. 1 after Congress failed to reach a funding deal. The USDA warns SNAP payments will stop Nov. 1, and over two dozen states have sued to maintain benefits.

• Layoffs: General Motors will lay off about 1,700 workers in Michigan and Ohio due to slower EV demand. The cuts include 1,200 jobs at a Detroit EV plant and 550 at Ultium Cells, plus temporary layoffs for 850 workers in Ohio and 700 in Tennessee. GM will pause battery cell production in January 2026 to upgrade facilities, resuming midyear. The move follows the expiration of U.S. EV tax credits that reduced consumer incentives.

• Economy: The Bank of Canada held its policy rate at the lower bound of neutral, citing trade turbulence after Trump imposed a 10% tariff on Canada and ended trade talks. The bank reported Q2 GDP contraction of 1.6%, with steel and aluminum exports down 25% and overall exports down 5%. Inflation rose to 2.4% in September, while GDP growth is projected to average 1.4% in 2026–2027, about $40 billion below prior forecasts. The next rate decision is set for Dec. 10, as the economy adjusts to trade shocks and tariffs.

Newmont Q3 Earnings

The stock market and stuff

• Centerra Gold Lifts Income In Q3 2025 On Rising Prices Despite Production Dip (theDeepDive)

• Nvidia becomes world’s first $5tn company (FT)

• First Quantum Slides To A Net Loss In Q3 2025 Despite Revenue Uptick (theDeepDive)

• Fiserv Erases $30 Billion in Market Value After New CEO Pulls Guidance (WSJ)

• New Gold Q3 2025: Revenue Jump, Income Swing, And Record Free Cash Flow (theDeepDive)

In the juniors

• Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets (theDeepDive)

• Kiwetinohk Energy To Be Acquired For 10% Premium By Cygnet Energy (theDeepDive)

• Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro (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.