Every Economist Was Wrong In Canada
1. Stats Canada reported that over 83,000 jobs were added for the month of June, and unemployment rate dropped from 7% to 6.9%.
Keep in mind that economists were predicting only 900 jobs for the month.
So, every single economist that tried to predict how many jobs Canada added in June was wrong by a very very very very large margin. Does this mean economists aren’t worth listening to, or this is another one of those random number generation.
Just odd. Or, the economy is really that good?
Tariffs on Canada…
2. The tariff war between Canada and the U.S. is heating up again as President Trump threatens 35% tariff and PM Carney saying he’ll defend workers.
The issue: tariffs can be managed eventually; the problem is the uncertainty being created at the moment. This uncertainty can do a lot more damage than the tariffs.
At a time…when you got massive number of renewals coming up, highly leveraged population, stalling economy, declining/stagnating population, poor productivity.
Silver Finally Breaking Higher?
3. Silver: it’s up this morning and has broken above $37.30-$37.50 area I was watching. With this, I have to ask if silver is in breakout mode, and we are about to see a massive move to the upside?
Gold: its fighting the 50day moving average, but there’s something promising here. My view is neutral at the moment. For a robust move, $3450-$3500 must be crossed.
Copper: continues to consolidate but remains near all-time highs. I think everyone is looking for clarity. Another rally will follow if there’s a move above the tariffs announcement day.
Bitcoin Soars
4. Bitcoin has crossed above $110k, and as you were told, don’t rule out a move to $120k if that happens….
Well, we are getting awfully close to $120k.
Anyways, remember whenever there’s a move higher in bitcoin, you get a rising tide effect… even garbage starts to float.
Know what you own because there is a lot of garbage out there.
Yields, Canadian Dollar, & Legal Tender
5. Keeping a close watch on U.S. 10Y yields. Could potentially start to move higher if these tariff related noise keeps getting louder. And, remember: US10Y has a gravitational pull-on other yield.
If one were to buy that Canadian economy is fine and the jobs report today is the testament of that, how come the Canadian dollar is falling? This is even with odds of rate cut getting slashed bigtime.
In case you didn’t know; Texas’s House Bill 1056 has essentially signaled that clearly marked gold and silver could be used as legal tender starting September 1, 2026. This is interesting, but there are other states have done the same.