About eighty years ago, a Canadian Prime Minister helped define Canada’s role as a middle power committed to rule-based multilateralism, collective security, and international law. Last week, in a speech delivered to global political and financial elites gathered in a Swiss Alpine resort town, the current Prime Minister put several more nails in the coffin of the post-war multilateral system. The ramifications are broad and still unfolding. But the rising uncertainty over global rules, alliances, and enforcement mechanisms continues to push precious metals to new record highs.

In the Weekly Market Digest, the US government’s threat of more tariffs on its northern neighbor added another layer of volatility to global markets. At the same time, several major economies (China, India, and parts of Europe) have continued to reduce exposure to US Treasuries in favor of gold, reinforcing its role as the preferred geopolitical hedge and pushing it to ~US$5,000, while silver has risen to over US$100. 

The Exploration Insights Portfolio had a positive week, led by a prospect generator that received a thumbs-up from a well-known investor in the junior market. 

In Stock Talk, I review drilling results from a gold developer in the SW US, which is on a fast track to permitting. I also revisit my thesis on a gold explorer in Finland while covering encouraging drill results from a grassroots copper explorer in the Yukon and another in Kazakhstan. Finally, I review the plethora of exploration options for a diversified explorer in northern Quebec.