Naturally, the US/Iran deal will be in focus this week. Not much to add on our end, other than we’ve had deal hopes before - traffic through Hormuz is all that matters.

Household net worth rose 1.3% in Q1, reaching $18.6T on an equal contribution from financial (securities) and non-financial (real estate) assets…

… which outpaced a 0.4% increase in household liabilities. Under the hood, new borrowing ($36B in Q1) is being increasingly driven by consumer credit and non-mortgage debt…

… as mortgage demand ($23B) cooled to the lowest level in two years. Growth in total credit has now outstripped income for six quarters straight…

… a trend that’s also visible in the private sector, with bond issuance and expanded debt capacity outpacing GDP growth…

… mirroring the dynamics we’ve seen in the public sector.

That leaves the country more sensitive to markets and economic outcomes, but it’s working for now…

… with national wealth gains more-than-offsetting the $310B decline in our net international investment position.

Most of the Canadian space basket sold off on SpaceX’s public debut but the severity was telling - with Stack Capital (STCK), MDA Space (MDA), and Telesat (TSAT) all down big…

… indicating these names were viewed more like proxies than 5N Plus (VNP) and Magellan (MAL). Framed differently, VNP supplies solar cells for satellites…

… and MAL supplies a range of manufactured components, avionics, and bus platforms to the space industry…

… so they’re less tied to the competitive dynamics playing out in low earth orbit, and more to the growth of the industry as a whole. Let’s see how they trade from here.

Triple Flag (TFPM) was up nearly 5% after announcing a $440M gold stream on the largest mine in Queensland, which bulks up its already large Australian footprint…

… and prompted a 10K GEO bump to guidance from management, given the initial 5.5% stream rate and 200K+ ounce production outlook for the asset.

The transaction comes roughly a year after its $420M acquisition of Orogen, making TFPM’s current multiple interesting…

… given the long-term cash flow visibility the two deals provide.

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