Here are four things you need to know this morning
Gold and silver soar: Gold futures surged past US$4,400 on growing expectations of further U.S. interest-rate cuts, as well as heightened geopolitical risks spurring haven demand. Most active contracts for both gold and silver were on track to settle at new record highs. Gold contracts were up more than one per cent at $4,443 a troy ounce in recent trading, having reached $4,453 earlier. Platinum and palladium futures also rallied. The upswing in U.S.-Venezuela tensions has bolstered precious-metal prices, as well as crude futures. The U.S. seized a second oil tanker near Venezuela on Saturday and was chasing a third as of Sunday. Gold and silver are both on track for the biggest annual gains since 1979, when inflation surged due to a global energy shock.
CUSMA elimination would be devastating: U.S. President Donald Trump’s tariff campaign appeared to move at a breakneck pace towards Canada’s economy this year. Experts who spoke to The Canadian Press warned the saving grace for the economy of CUSMA compliant exemptions is at risk in 2026 as North American trade officials prepare for a review of the Canada-U.S.-Mexico agreement, or CUSMA. “It would be a worst-case scenario of the (CUSMA) deal basically being eliminated or not renewed,“ said Tony Stillo, director of Canada economics at Oxford Economics. Ninety per cent of goods going to the U.S. qualify, but if the CUSMA exemption were to end, Stillo said Canada’s economy would face “longer-term scarring. The size of the economy would be lower for several years, probably permanently,” he said.
Concerns over Canadian-owned Nuclear giant: The U.S. government sees the Canadian-owned Westinghouse nuclear company as a tool of American influence, federal officials have warned Natural Resources Minister Tim Hodgson. “The U.S. government continues to actively promote the adoption of Westinghouse technology abroad, including in Canada, and considers Westinghouse a key U.S. strategic asset regardless of its ownership structure,” said a briefing note prepared for Hodgson last summer. The Logic obtained a copy through an access-to-information request. “This is our ‘Buy Where We Build’ philosophy in action, ensuring that Canadians benefit directly from AP1000 plants built in Canada,” Westinghouse said in a statement to The Logic relayed through spokesperson Oliveah Numan. Without ever saying outright, Hodgson’s department sounded skeptical in a response to that. “Despite Canadian ownership, the company’s supply chain, technical knowledge and capabilities for its reactors remain largely based in the U.S., and export of the technology still requires U.S. approval,” the note said, with the bolding in the original.
Questions rise about Waymo’s Driverless cars: An hours long power outage in San Francisco over the weekend that caused tens of thousands of households to lose power also knocked out Waymo service, with the ubiquitous self-driving cars coming to a halt at darkened traffic signals, blocking traffic and angering drivers of regular vehicles that became stuck as a result. The malfunctions this weekend are especially curious, experts said, because Waymo and other self-driving car companies design their vehicles so they can continue to operate when they lose access to wireless networks or when they encounter traffic lights that have lost power.
