Insights

Watch our webcast. Miners are shifting focus from a China-led commodity supercycle focused on industrialization and urbanization to a new cycle driven by clean energy and renewable energy technologies. 

The long-term trajectory for EVs is positive despite the recent slowdown. Lithium-ion batteries (LIBs) are the preferred battery technology for EVs, thanks to their superior technical properties.

On Friday, December 1, 2023, spot gold bullion registered an all-time high closing price of $2,072.22, surpassing the prior closing high of $2,063.54 reached on August 6, 2023.

Per Jander expresses optimism for the uranium market, emphasizing strong demand, ongoing long-term contracting discussions and potential supply disruptions as factors that could contribute to further price increases in 2024.

The uranium price increased in October, reaching a 12-year high at $74.48 per pound. A growing supply deficit is helping to support higher price levels as the West focuses on reshoring supply chains. 

Bloor Street Capital's Battery Metals Conference featured John Ciampaglia, CEO of Sprott Asset Management, interviewed by Margot Rubin.

As the U.S. advances in its pursuit of clean energy, it is strategically redirecting its energy security emphasis from oil to critical minerals, and diminish the influence of oil geopolitics and petrostates such as Russia.

John Ciampaglia, CEO of Sprott Asset Management joins CNBC's Fast Money to talk about the uranium market and share Sprott's views on the benefits of nuclear energy and the need for energy security.

Ed Coyne sits down with Asset TV to discuss the energy transition, including uranium and battery metals, and what investors should take into consideration in this space.

Gold demand from sovereigns and central banks remains unwavering. Over the past decade, China has been committed to bolstering its gold reserves to enhance its economic and geopolitical standings. 

The Fed's "higher for longer" stance on interest rates is unsustainable and could lead to a general credit deflation and a recession. Trouble is brewing in the banking system and the labor market, which could further support a rise in gold prices.

Uranium's performance helped the energy transition complex close higher in September. From a macro outlook, solar panels are emerging as a critical player in the global energy transition. 

"Uranium has been one of the shining lights among commodities, given that it has had strong performance year to date. I think many investors are interested and are trying to understand the key drivers." 

Uranium and uranium mining stocks posted their best month in two years, as the price of U3O8 reached a 12-year high. YTD as of 9/30/23, physical uranium has risen 51.88% and uranium mining equities have gained 23.93%.

Per Jander, WMC Technical Advisor to Sprott Physical Uranium Trust, draws upon his years of experience as a uranium trader to reveal how the market works. 

The global nuclear power industry is experiencing a revival. Geopolitical events and a surge in energy demand have shifted sentiment positively, with countries investing in new nuclear reactor builds, restarts and extensions. 

The clean energy transition and worldwide energy security goals are fueling a global power shift. This shift has reignited interest in nuclear power, accelerated electric vehicle (EV) adoption and spurred renewable energy deployment. 

Uranium and uranium mining stocks had a strong month in August. YTD as of 8/31/2023, spot uranium and uranium mining stocks have climbed 25.49% and 21.52%, respectively, outperforming the frothy S&P 500.

Uranium had a strong August, contrasting with the decline of most energy transition metals due to China's economic troubles. The investment capital spurred by the U.S. Inflation Reduction Act (IRA) is turning the U.S. into a cleantech powerhouse.

Electric vehicle (EV) adoption has surged in recent years, creating unprecedented demand for lithium, a critical component of EV batteries.

John Ciampaglia discusses why a higher uranium price will help incentivize much needed production for the world's growing nuclear fleet. John also discusses his outlook on gold, silver, copper, lithium and more.

Uranium continued to outshine other commodities, with U3O8 surging 16.35% and uranium mining stocks up 9.11% YTD as of July 31, 2023. The growing embrace of nuclear energy is driving demand and sparking a resurgence in uranium mine operations. 

The U.S. power grid desperately needs modernization. This is driving the development of energy storage systems and V2G (vehicle-to-grid) technology and is a major copper demand driver. 

John Ciampaglia discusses the current state of the gold market, the resilience of uranium, the growth of the battery metals sector and Sprott’s focus on providing investors with access to energy transition investments. 

Central banks and investment funds were the main players shaping the gold market in the first half of the year. Gold is reverting to its historical role as a significant reserve asset as central banks seek to diversify amid geopolitical uncertainties.

U3O8 has climbed a healthy 15.95% YTD, while most other commodities have lost ground. Greater focus on the uranium supply-demand gap helped boost uranium mining stocks as well.

Gold mining stocks are inextricably connected to the price behavior of gold bullion. Yet their recent response to the gold bull market has been disappointing. If gold should rise above the psychological $2,000 threshold, this may provide a strong catalyst for gold mining stocks. 

Energy transition metals miners posted strong results in June, with uranium mining equities leading the group. The U.S. is entering the early stages of a manufacturing supercycle driven by massive energy transition investment.

Chemical reactions of fossil-fuel plants release more radiation into the environment than the operation of nuclear energy plants — 10 times more. Most nuclear-industry waste is relatively low in radioactivity, and only a small amount is produced. Estimates put the total waste from a nuclear reactor supplying one person's electricity needs for a year at the size of a standard brick.

The U3O8 uranium spot price has posted a healthy 12.99% year-to-date return as of May 31, and continued to show strength and diversification relative to other commodities.

Gold attempted to breakout above $2,050 in early May before drifting lower as the U.S. debt-ceiling drama deepened and the U.S. dollar strengthened. At the same time, global central banks have been accumulating gold at a record pace. 

Lithium and lithium miners staged a sharp rebound rally in May and were the positive exception among critical minerals. The sector was weighed down by China's faltering recovery, ongoing global growth concerns and the U.S. debt ceiling drama. 

"In our opinion, the term showdown is an apt description of the current situation, in which economic, political and social developments are on the brink of a fundamental change of course. The current situation is also unique because we are not dealing with a singular showdown. Multiple escalations are occurring simultaneously and have the potential to further inflame each other."

Critical minerals are essential for the global energy transition as we gradually phase out CO2-intensive energy sources with cleaner sources, including nuclear, solar, wind, hydro and geothermal energy and greater use of electric vehicles (EVs).

Replay our webcast featuring John Hathaway and Doug Groh, discussing the current outlook for gold and gold mining equities. Gold has proven to be an effective safe haven asset during this challenging period.

Sprott CEO Whitney George discusses the growing interest in critical minerals investing. George explains how Sprott has expanded beyond "all things gold" to offer physical uranium and is now a recognized asset manager in the energy transition space.

The gold market continues to be bullish as the probability of a recession rises, regional banking stress resurfaces and the Fed seems determined " get inflation down to 2%, over time".

Shree Kargutkar discusses the supply/demand scenario for the metal and how it may change with the growth of electric vehicles, geopolitical factors impacting global copper mining and recent M&A activity in the sector. 

The long-term secular growth outlook for energy transition materials got several boosts in April. Chile's decision to nationalize its lithium reserves reinforces the metal's role as a global strategic economic asset. 

The U3O8 uranium spot price climbed 6.01% in April, reacting positively to China's ambitious plans to expand its nuclear energy capacity. Global acceptance of nuclear energy has increased and positive momentum is building within the uranium industry.

As deglobalization accelerates, unfettered access to critical minerals is not likely to last. The old system of free and fair access to commodities, including critical minerals, is moving toward one marked by interregional competition, and unstable availability and pricing.

In Q1 2023, precious metals bullion and equities showed strong YTD momentum, with gold closing above the psychologically important $2,000 per ounce mark and silver reaching $25. Gold/silver mining equities also posted notable gains.

The U3O8 uranium spot price fell slightly in March. YTD through 3/31/2023, uranium has gained 4.93%, demonstrating resilience relative to other commodities.

Gold posted a solid Q1 2023 gain of 7.96%, and is now up 21.38% from last autumn's low (9/26/22) following the most aggressive central bank purchases in decades and gold investment flows catalyzed by the U.S. banking crisis. 

"The yellow metal has no counterparty risk (unlike all other financial instruments including bank deposits and government bonds), is highly liquid and has an unbroken record of retaining value in absolute terms and relative to financial assets."

As the global energy transition "arms race" heats up, the drive to secure supply is fast becoming more important than price. All signs indicate the 40-year bond bull market has likely ended and the next great secular bull market in commodities has begun.

Ed Coyne joins Asset TV and a panel of experts to discuss the constantly evolving discourse surrounding ESG, challenges faced in standardizing ESG ratings and ESG-based investing. 

Uranium miners made headlines with significantly sized uranium contracts that reflect higher demand for long-term supply commitments. Uranium market fundamentals are the most positive in over a decade and are likely to continue to be the primary performance driver.

Gold fell in February, closing the month at $1,827 in a correction characterized by a stall in buying, but not selling. Global central banks have been buying gold at record rates; more than three times their long-term averages.

“I think it's an interesting time to be investing in uranium — from a fundamental perspective, from an energy policy perspective, from a geopolitical risk perspective…we've experienced a sea change in the level of interest related to uranium, energy transition materials and mining investments.” 

Due to years of underinvestment, we believe demand is likely to outstrip supply for many energy transition materials, including uranium, lithium, copper, nickel and others. The investment opportunities may be powerful.

We believe we are in the early stages of an energy transition materials secular bull market and favorable supply-demand dynamics are likely going forward. The upward revision in global growth, the timing effect of the China credit impulse and the surprise ending of China's zero-COVID policy have provided a tailwind for the metals market. 

Value Investor Insight interviewed Whitney George, John Ciampaglia, John Hathaway, Matthew Haynes and Per Jander on the key global macroeconomic shifts that have prompted Sprott to broaden and deepen its focus on real assets and energy transition investing. 

Looking ahead, we believe the uranium bull market still has a long way to run. Over the long term, increased demand in the face of an uncertain uranium supply is likely to support a sustained bull market.

January was another positive month for gold bullion. We saw strong gold buying from China, with estimated tonnes purchased at the highest level since 2017.

We believe investing in the mining companies that produce critical minerals may offer attractive investment opportunities, as discussed in this video with Ed Coyne, Senior Managing Director at Sprott, and Steven Schoffstall, Director at ETF Product Management.

Three key themes for uranium markets in 2023: 1) increased emphasis on energy security worldwide; 2) higher conversion/enrichment prices may boost spot uranium prices; and 3) the global energy transition supports the case for nuclear power.

This year’s top 10 list offers Sprott’s thoughts on what will likely drive markets in the coming year and decade, from a macro perspective and the vantage of our asset classes: Precious Metals and Energy Transition Materials. 

Gold was an effective hedge in 2022, returning -0.28% for the bear market year. The yellow metal outperformed the S&P 500 Index, which declined 18.11%. Gold mining equities also outpaced the S&P 500.