Sponsored by Nations Royalty

Trump Blasts Iran-Israel Chaos

President Donald Trump is reportedly “willing to escalate US military involvement if necessary,” according to a senior White House official who spoke to CNN on Monday, just hours after Iran launched retaliatory ballistic missiles at Al Udeid Air Base in Qatar.

The attack came in response to last weekend’s US airstrikes on Iranian nuclear sites, which targeted Fordow, Natanz, and Isfahan in a precision operation involving B-2 bombers and Tomahawk missiles. While the Qatari Ministry of Defense claimed that its air defenses successfully intercepted the Iranian barrage, the symbolic weight of the strike—targeting the largest US airbase in the Gulf—marked the first direct Iranian attack on a US base since 2020.

You can read more on the matter here.

What’s going on?

• Trump On Israel-Iran: “They Don’t Know What The F*ck They’re Doing” (theDeepDive)

• Inflation holds steady at 1.7% as underlying price pressures ease (Globe)

• LNG Canada Begins Production at First Major Export Facility (theDeepDive)

• Jay Powell pushes back on calls for Federal Reserve rate cuts as soon as July (FT)

• Canada signs deal deepening European defence and security partnership (CBC)

• Canada Housing Agency Abandons 2004 Affordability Target (theDeepDive)

• Republicans Struggle to Finalize Trump Megabill Mix (WSJ)

• BREAKING: Iran Retaliates With Attacks On US Forces In Qatar, Missiles Thwarted (theDeepDive)

• Alberta's oilsands to hit record production high in 2025 (CBC)

• Niger Seizes Uranium Mine From French Nuclear Giant Orano (theDeepDive)

What’s the latest?

• Feds: Federal Reserve Chair Jerome Powell told Congress the Fed will "wait and see" before cutting interest rates, despite pressure from President Trump for immediate reductions. The Fed left rates unchanged last week, with internal forecasts showing divided opinions on potential cuts this year. Inflation remains relatively tame, rising 2.4% year-over-year in May, even as Trump’s tariffs increase costs. Some Fed officials, including Trump appointees, suggest a rate cut could happen as early as July.

• Stocks: U.S. stocks rallied Tuesday, with the S&P 500 rising 0.7% and oil prices falling sharply amid hopes that an Israel-Iran ceasefire will hold. U.S. crude dropped 4.5% to $65.43 a barrel, easing fears of a global supply disruption. Lower oil prices may reduce inflation pressure and give the Fed more room to cut rates, though Chair Jerome Powell remains cautious. Cruise and airline stocks soared, with Carnival up 9.4% on strong earnings, and global markets from Asia to Europe also posted gains.

• Economy: Canada’s annual inflation held steady at 1.7% in May, as slowing shelter costs and food inflation helped keep price pressures in check. Shelter costs rose 3%, down from 3.4% in April, while grocery prices increased 3.3%, a slower pace than the previous month. Core inflation dipped to 3%, but economists say it may not be low enough yet to prompt another Bank of Canada rate cut. StatCan also reported a 1.3% flash decline in manufacturing sales for May, with the U.S. tariff dispute continuing to weigh on the economy.

• AI: Canada ranks 44th out of 47 countries in AI literacy, with only 24% of Canadians having received AI training compared to 39% globally, according to a new KPMG study. Canadians also trail in AI knowledge and trust, with just 34% willing to trust AI-generated information, and only 50% approving AI use, well below the 72% global average. Experts cite underinvestment in digital literacy, low workplace adoption, and high public skepticism. KPMG urges early education and workplace integration to improve Canada's AI readiness.

• Real Estate: U.S. home price growth is slowing sharply, rising just 2.7% in April from a year earlier—the smallest gain in nearly two years, according to the S&P CoreLogic Case-Shiller Index. Former hot markets like Tampa (-2.2%) and Dallas (-0.2%)are seeing declines, while cities like New York (+7.9%) and Chicago (+6%) are now leading. High mortgage rates and affordability issues are sidelining buyers, especially first-timers, who made up just 30% of May sales. Despite rising inventory, only 6% of sellers risk losses, and a persistent supply-demand imbalance continues to prevent steep price drops.

Santacruz Silver Q1 Earnings

The stock market and stuff

• Stablecoins ‘perform poorly’ as money, central banks warn (FT)

• Alamos Gold Calls For Island Gold Mine To Boost Annual Production To 411,000 Ounces Beginning In 2026 (theDeepDive)

• Oil prices fall more than 5% after Trump says China can continue buying oil from Iran (CNBC)

In the juniors

• GoviEx Uranium Plans 35 Hole Exploration Program Across Muntanga (theDeepDive)

• Founders Metals Hits 22.5 m of 11.88 g/t Gold in New Discovery at Maria Geralda (JMN)

• Snowline Gold Outlines $3.4 Billion NPV For Valley Deposit (theDeepDive)

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