G7 and Allies Convene to Address Critical Mineral Dependency

In Washington this week, U.S. Treasury Secretary Scott Bessent convened a massive gathering of finance chiefs from the G7, including Japan, Britain, France, Germany, Italy, and Canada, alongside representatives from Australia, Mexico, South Korea, and India.

The agenda was clear: "De-risking" the global economy from its heavy reliance on China for rare earth minerals.

The proposed solutions suggest that the era of cheap critical minerals may be coming to an end. Japanese Finance Minister Satsuki Katayama pushed for swift, market-altering tools, including tax incentives and a "price floor" to protect non-Chinese mining projects from being undercut.

Meanwhile, German Finance Minister Lars Klingbeil delivered the reality check of the summit. Warning against mere political posturing or an "anti-China coalition," he urged Europe to focus on competence in financing and recycling, stating:

"Neither complaining nor self-pity helps us, we have to become active."

The takeaway is significant. Securing the copper, lithium, and cobalt powering our tech and defense sectors is no longer just an industrial logistics issue, it is now a top-tier financial priority for the world's largest economies.

Saudi Arabia Adds $35 Billion in Gold Resources to National Reserves

Saudi Arabia isn't just about oil anymore.

Ma’aden has confirmed the discovery of 7.8 million ounces of gold resources. To put that in perspective, at today's market rates, we are looking at roughly $35 billion in gross value.

The discovery includes a significant expansion at the Mansourah-Massarah mine and a "maiden resource" at the new Wadi Al Jaww site.

This validates CEO Bob Wilt’s strategy to make mining the "third pillar" of the Saudi economy under Vision 2030. As the Kingdom diversifies, the Arabian Shield is proving to be a world-class geological asset.

What are your thoughts on the Kingdom's pivot to hard commodities?

Jensen Huang Trades His Leather Jacket for a Lab Coat

NVIDIA and Eli Lilly and Company have announced a $1 billion partnership to build a first-of-its-kind AI drug discovery lab in San Francisco. This isn't just a capital investment; it’s a merging of methodologies. By combining Lilly’s biological data with Nvidia’s compute power (specifically the new Vera Rubin architecture), they are attempting to close the loop between dry code and wet labs.

For the broader market, the signal is clear: The era of "easy" AI drug discovery is over. The future belongs to those who own the infrastructure and, more importantly, the proprietary data to feed it.

Canadian Oil Investors Call Trump’s Venezuela Strategy "Dead Wrong"

Is the U.S. pivot to Venezuela a threat to Canada, or a "profoundly ignorant" narrative?

Last week, Donald Trump met with executives from Chevron, ConocoPhillips, and ExxonMobil to discuss Venezuelan potential. The result? ExxonMobil CEO Darren Woods reportedly called the country "uninvestable."

That disconnect created a buying opportunity.

Portfolio managers Cole Smead of Smead Capital Management and Eric Nuttall of Ninepoint Partners have been vocal about buying the dip in Canadian energy. Citing the ghost of Hugo Chávez and the massive capital required to fix Venezuelan infrastructure, they argue the threat to Canadian barrels is virtually non-existent.

As Andrew Botterill from Deloitte points out, Canadian producers have spent years refining their fiscal discipline. While Washington chases headlines, smart money is chasing the free cash flow coming out of the North.

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