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Trump Targets Wall Street in Housing

President Donald Trump said he is “immediately taking steps” to ban large institutional investors from buying more single-family homes and will ask Congress to codify it, framing the move as a response to housing affordability pressures and stating.

“People live in homes, not corporations,” he wrote.

The baseline housing stock is large and only partly relevant to the proposed restriction: the US has 148 million housing units, including 134 million households and 14 million vacant units.

Within those 134 million households, occupancy is split between owned at 65% (88 million units) and rented at 35% (47 million units).

You can read more on the matter here.

What’s going on?

• US Seizes Russian-Flagged Marinera After Weekslong Chase, Russian Lawmaker Calls for Retaliation (theDeepDive)

• Ontario Premier Ford asks Carney not to cut tariffs on China EVs (Globe)

• Trump Targets Defense Contractors Over Buybacks (theDeepDive)

• US Senate votes to block Trump from more military action in Venezuela (FT)

• Justice Department Quietly Drops Drug Cartel Claim That Justified Venezuela Operation (theDeepDive)

• German president says US is destroying world order (Reuters)

• Trump Orders to Execute Venezuela “Sanctioned Oil” Transfer (theDeepDive)

• Internet Blackout Hits Iran as Former Shah’s Son Calls for Protests (WSJ)

• Justice Department Continues to Delay Full Release of the Epstein Files (theDeepDive)

What’s the latest?

• Imports: Canada’s reliance on the U.S. is easing, with exports to the U.S. falling to 67.3% of total exports in October, the lowest since the pandemic. October posted a $583M trade deficit, as imports rose 3.4% versus exports up 2.1%, driven largely by gold and precious metals, while non-metal exports fell 2.5%. Analysts expect further erosion of U.S.-bound exports and rising steel and manufactured imports in coming months due to new tariffs.

• Dollar: Analysts now expect the Canadian dollar to strengthen 0.5% to 1.38 per USD (72.46 cents) in 3 months and 2.7% to 1.35 in 12 months, stronger than prior forecasts. Drivers include expected Fed rate cuts, easing USMCA uncertainty, and broader U.S. dollar weakness. The Bank of Canada rate sits at 2.25%, with markets pricing a ~50% chance of tightening by end-2026, supporting the loonie despite risks from potential Venezuelan oil supply.

• Market: Canada’s TSX rose 117 points to 32,252, led by industrial and telecom stocks, while U.S. markets were mixed. The Dow gained 234 points, but the S&P 500 slipped slightly and the Nasdaq fell 147 points. The Canadian dollar weakened to 72.13 US cents, while oil rose to US$57.03 and gold edged down to US$4,460.90.

• Real Estate: Over 1 million Canadian homeowners will renew mortgages this year, many moving from 1.5–3% rates to ~4–4.1%. For a typical $550,000 mortgage, payments could rise ~20%, or ~$550/month ($6,500+ annually). Most borrowers passed stress tests at 5.25%, so forced selling is unlikely, but households may cut savings or extend amortizations, increasing long-term interest costs by $10,000–$20,000+.

• Trade Deficit: Canada posted a $583M trade deficit in October, smaller than the $1.36B expected, as imports rose 3.4% and exports increased 2.1%. Exports to the U.S. fell to 67.3% of total exports, the lowest non-pandemic share since 1997, while exports to non-U.S. markets jumped 15.6% to a record high. The U.S. trade surplus narrowed sharply to $4.8B from $8.4B, reflecting declining U.S. shipments and faster import growth.

Gold Prices Are High, Experience Matters

The stock market and stuff

• Scotiabank CEO Embraces ‘Trump Doctrine’ As Catalyst For Latin American Growth (theDeepDive)

• Endeavour Silver Produces 11.2 Million Ounces Of Silver Equivalent In 2025 But Misses Guidance (theDeepDive)

• Glencore and Rio Tinto resume talks on mining megadeal (FT)

• Discord Submits Confidential IPO Filing, Sources Say (theDeepDive)

In the juniors

• Regency Silver Extends Breccia Target Southwards and Up-Dip Towards Dios Padre Silver Mine in 225m Step Out from Previous Drilling (JMN)

• Mayfair Gold Outlines $1.37 Billion NPV For Fenn-Gibb Project At Spot Prices In Pre-Feasibility Study (theDeepDive)

• Banyan Gold Intersects Multiple High-Grade Mineralization Occurrences in Powerline and Airstrip Deposits, AurMac, Yukon, Canada (JMN)

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