Insights

James Connor of Bloor Street Capital speaks with Maria Smirnova, Sprott CIO, about the firm’s approach to gold and silver miner selection. Smirnova remains bullish on silver, citing a deep supply deficit and its essential role in electrification, despite prices lagging gold due to weak central bank demand and stagnant supply.

Silver remains significantly undervalued despite strong fundamentals, including rising industrial demand and consistent annual supply deficits. Although gold has surged to new highs, silver’s price has lagged, influenced by its hybrid role as both a monetary and industrial metal amid global economic uncertainty.

In this episode of Shifting Energy (Season 2), Steve Schoffstall, Director, ETF Product Management and John Kinnane, Director, Key Accounts at Sprott Asset Management, chat about how investors are navigating bumpy markets and global trade wars with assets like gold and silver.

Recent market events have put pressure on uranium, but we continue to believe in the resilience and long-term bullish outlook for physical uranium and uranium mining equities. Our positive outlook is supported by uranium's growing structural supply deficit and global policy support for nuclear power.

Gold has been rising on strong official sector demand, fueled by concerns over the U.S. dollar and global instability. While Western investors have focused on potentially overvalued stocks, gold and mining equities offer potential upside as other assets struggle.

Copper prices reached record highs in March, driven by tariff fears and U.S. demand. Despite recent market volatility, copper remains a strategic asset with strong long-term fundamentals, supported by rising global energy demands and U.S. policy shifts.

Gold's record-breaking rally in Q1 2025 reflects mounting investor anxiety over stagflation, policy volatility and a fraying global economic order. U.S. tariffs and policy unpredictability have elevated the risk of stagflation, fueling demand for gold as the lone liquid safe-haven asset. We also believe silver is potentially poised to break out.

Sprott's Ryan McIntyre is interviewed on CNBC's Fast Money about rising gold prices. McIntyre also addresses the surging demand for physical gold, the undervaluation of gold miners and whether Bitcoin poses a real threat to gold’s dominance.

Sprott’s Steve Schoffstall introduces GBUG, an actively managed ETF focused on gold and silver miners, using a team with deep industry expertise to identify investments. With a long-term, value-driven approach, it aims to provide exposure to precious metals while navigating market shifts.

Are tariffs set to disrupt gold, silver and uranium markets? Find out how potential trade barriers could impact prices and create arbitrage opportunities. Kitco’s Senior Mining Editor and Anchor Paul Harris interviews John Ciampaglia, CEO of Sprott Asset Management, at the 2025 BMO Global Metals, Mining & Critical Minerals Conference.

We see market volatility as an opportunity, with uranium’s spot price offering an attractive entry point for investors. Despite Trump's tariff policy and geopolitical uncertainties, uranium’s strong long-term fundamentals—supply deficits and rising nuclear demand—remain intact.

Critical materials showed resilience in January amid global volatility. We take a deep dive into China's growing leadership in clean technology investments, the disruptive impact of DeepSeek's AI model and the implications of U.S. policy changes on the energy transition and critical materials supply chains.

Discover the unique advantages of Sprott Silver Miners & Physical Silver ETF (SLVR), a new ETF offering exposure to both silver miners and physical silver. With rising industrial demand and a tightening supply, SLVR provides investors with a strategic opportunity to benefit from silver’s dual role as a precious and industrial metal.

The uranium markets experienced volatility in January, with prices dipping despite strong miner performance. Key factors included the emergence of the Chinese AI model DeepSeek and the return of the Trump administration.

Sprott CIO Maria Smirnova and Rick Rule discuss key drivers for gold and silver in 2025. They emphasize central bank buying, Eastern demand and the erosion of purchasing power as major factors for gold. For silver, industrial demand, particularly from solar and EVs, is crucial.

Sprott CEO John Ciampaglia remains bullish on the uranium markets, citing rising term prices, increased utility interest and the global nuclear renaissance fueled by clean energy needs and AI-driven power demands. Ciampaglia expects uranium prices to strengthen as pent-up demand grows, driven by reactor life extensions, new builds and geopolitical supply disruptions.

John Ciampaglia, CEO of Sprott Asset Management, joins James Connor of Bloor Street Capital to discuss his 2025 outlook for gold. Ciampaglia discusses Sprott's flagship Physical Gold Trust and dives into why gold is a crucial financial asset and portfolio diversifier.

What forces will shape the markets in critical materials and precious metals in 2025 and beyond? We identify 10 key macro and market themes investors should watch in the coming year. 

Gold was a strong performer in 2024, gaining 27.22% to end the year at $2,624.50, fueled by geopolitical tensions, central bank purchases and bond market struggles. These strong gains occurred with negligible participation or interest from investors in North America or Europe. Key catalysts for a gold rally could include stock or cryptocurrency downturns, bond market disruptions or a U.S. dollar reset.

Sprott's John Kinnane and Steve Schoffstall explore the growing opportunities in the uranium and nuclear energy markets. They discuss how pure-play uranium miners, supply-demand dynamics and shifting geopolitical policies are positioning this sector as a promising investment frontier for 2025 and beyond.

We believe that silver continues to offer a compelling investment opportunity due to its unique market dynamics. For investors, a diversified portfolio that balances physical assets and mining equities may offer exposure to silver's stability as a store of value and its growth potential as a critical industrial metal.

We believe uranium mining equities are poised for growth as demand for nuclear power increases, driven by AI data center needs and electricity demand. Geopolitical shifts, such as Russia’s export restrictions, and global pledges to triple nuclear capacity by 2050 highlight supply chain importance. This creates a compelling case for uranium miners, which are supported by strong market fundamentals.

The uranium market remains strong despite recent spot price declines, with tight supply, rising demand and long-term fundamentals driving a bullish outlook. Global support for nuclear energy is growing, with ambitious commitments to triple capacity and junior miners playing a key role in addressing supply deficits.

What’s the potential impact of the incoming Trump administration on nuclear power, clean energy and critical materials? Thalia Hayden of @etfguide talks with John Ciampaglia about what potential changes may be on the horizon for U.S. energy policies and some strategies for investment portfolios.

We see gold's post-election pullback as a healthy consolidation, affirming our bullish outlook. Post-election market dislocations, historically tied to political outcomes, may present a strategic buying opportunity in precious metals and mining equities. 

Unlock the power of real assets investing with Sprott’s Masterclass video. Dive into gold, silver, copper and uranium with industry experts Ed Coyne, Ryan McIntyre and Steve Schoffstall as they reveal strategies to navigate global uncertainties and identify opportunities.

Batteries and energy storage continue to underpin electrification trends, solidifying their role as a cornerstone in the global shift toward sustainable energy. Support is being strengthened by strategic investments from governments and corporations, and resilient demand for critical minerals like lithium, copper and nickel. 

John Ciampaglia, CEO of Sprott, joins James Connor to discuss why gold is increasingly viewed as a safeguard against economic uncertainty and why uranium has become essential to powering big tech's ambitious AI expansion.

Nuclear power is creating a buzz in media circles. Thalia Hayden of @etfguide talks with John Ciampaglia about the powerful comeback of nuclear energy and how tech giants are embracing nuclear energy for data centers.

Big tech is turning to nuclear energy to fuel the massive power needs of AI-driven data centers. They're striking bold deals to develop small modular reactors (SMRs), sparking a surge in uranium demand and helping to support clean energy innovation. At the same time, global uranium supply remains inadequate to meet both current and future reactor requirements.

Gold and silver prices surged in Q3 2024, driven by central bank buying and macroeconomic factors. While gold experienced a historic price increase, silver's price was influenced by both its precious metal value and industrial demand. YTD through September 30, gold is up 27.71% and silver has gained 30.95%.

Demand for electricity over the next decade will put pressure on the U.S. power grid to keep pace. New investment in power-hungry industrial facilities is driving demand, especially the data centers that support artificial intelligence (AI), U.S. reshoring initiatives and the steady electrification of the transport sector.

In our webcast with Nasdaq, John Ciampaglia discusses the rapid emergence of technologies like AI, the race to upgrade power grids, continuing global decarbonization goals and growing middle classes. He gives an overview of how the critical materials behind energy—such as uranium, copper, nickel, lithium and more—are likely to remain growth-oriented investment opportunities for the long term, and how to invest in them in a single allocation.

We believe gold mining equities are poised for growth, as they remain undervalued despite rising gold prices. Western investors have largely ignored gold, but any shift has the potential to push gold prices higher, which will likely benefit miners. In our view, the current market displays the signs of an early-stage bull market.

2024 has been an exciting year thus far for precious metals and critical materials. This webcast takes a technical perspective on the key drivers for gold, silver, uranium and copper, as all four metals enjoy positive markets. We also provide strategic portfolio allocation ideas for precious metals and critical materials.

The uranium market has faced short-term volatility, including price declines driven by geopolitical tensions and economic concerns. Despite these challenges, the long-term outlook remains strong. Supply uncertainties from key producers like Kazakhstan and Russia are contributing to this volatility, but the fundamental supply-demand imbalance suggests further growth potential.

In this exclusive interview with Metals and Miners, John Hathaway offers a comprehensive analysis of the current economic landscape. From the deteriorating economic metrics to the growing threat of de-dollarization, Hathaway provides expert insights on the most pressing issues facing investors today.

Silver prices should spike higher with gold hitting a new all-time high above $2,500 an ounce, said John Ciampaglia, CEO of Sprott Asset Management, when speaking with Kitco Mining.  “It's mind-boggling to us that silver is still below $30. It is obviously way off its 2010 highs, and we would love to see it get back to the $50 level,” said Ciampaglia. “We think it has the ability to do that over time.”

Author and acclaimed Reuters journalist Ernest Scheyder discusses his book, The War Below: Lithium, Copper, and the Global Battle to Power Our Lives, with Sprott's Steve Schoffstall in this exclusive interview.

Gold has surged above the psychological $2,500 level, driven by factors not easily explained by traditional market variables, suggesting possible central bank or sovereign activity rather than usual market dynamics.

Renewable energy is rapidly replacing fossil fuels as costs decrease and efficiencies improve with increased deployment, making it much cheaper than traditional energy sources. This shift, driven by the exponential growth of renewables, electrification, and efficiency, is expected to significantly alter global power dynamics as fossil fuels are phased out.

Chief Investment Officer Maria Smirnova talks silver with Mark Bunting of Red Cloud Financial Services, RCTV LIVE. Maria takes a deep dive into what is providing support for silver in 2024, which is up 21.90% as of July 31, 2024. 

Significant investments in AI-related tech stocks have helped push the S&P 500 Index to record highs this year. The rapid growth of AI is significantly increasing the energy demands of data centers, which is likely to lead to a surge in demand for critical materials.

This might be an ideal moment to re-evaluate lithium miners given their potential to benefit as the global energy transition continues. The current dip in the price of lithium miners presents a potential short-term opportunity, given the strong future demand and supply imbalance. 

The uranium spot price has remained range-bound between $85 and $95 per pound, and ended the first half at $85.34 (June 30, 2024). Uranium miners fell in June, but bounced back in early July, outperforming the commodity YTD. 

Gold’s breakout may signify more than one might infer from the continuing lack of interest. Inflows into the precious metals mining space have the potential to generate compelling outcomes.

Gold gained 12.79% YTD by June 30, supported by central bank buying. Silver closed Q2 at $29.14, boosted by gold's breakout and global monetary expansion.

The fourth industrial revolution (4IR) is driving unprecedented change. Its dominated by AI, robotics, IoT, genetic engineering and quantum computing. 4IR technologies need critical minerals, fueling a new commodity supercycle.

In this episode of Shifting Energy (Season 1), Thalia Hayden of @etfguide talks with John Ciampaglia about the growing energy requirements of AI and how uranium, copper, silver and other metals may benefit.

In this episode of Shifting Energy (Season 1), Thalia Hayden of etfguide talks with Steve Schoffstall about the nickel growth story, what's driving it and the investment opportunities now and ahead.

What will take the gold price higher? John Hathaway, Senior Portfolio Manager, provides his thoughts on why gold isn't moving and what will take it higher.

YTD the uranium spot price has stabilized between $85-$95 per pound after an 88.54% rise in 2023, indicating a healthy correction in a bullish cycle. Uranium miners' performance improved, matching spot price gains.

The copper market is entering a new supercycle. Demand is surging as countries invest in clean energy and protect their access to copper, while supply is constrained by a lack of new mine development.

Silver is crucial in the shift to cleaner energy, vital for solar panels and EVs, which reduce greenhouse gases. New technologies like AI have increased demand, while overall silver supply has declined.

Replay our webcast on gold and silver with John Hathaway and Maria Smirnova. Gold is supported by central bank buyers like China, while silver benefits from increased demand for PV solar panels.

The rise of AI and data centers will boost global electricity demand, challenging power grids but benefiting clean energy sources like nuclear. This trend will also increase demand for copper.

Nickel's future is bright due to its role in net-zero goals. Stricter regulations and government support for EVs are driving demand, benefiting nickel mining companies in the long run.

Rising global nuclear energy commitments make uranium a compelling investment. Despite a slight dip in spot prices, there's potential for growth.

In March, the uranium market saw mixed results: spot prices fell, but miners' stocks rose due to a positive long-term outlook. We believe the uranium bull market has more room to grow.

The energy sector has experienced a remarkable transformation, primarily driven by the rapid growth and integration of renewable energy sources. Central to this transition is the advancement of battery storage technology.

John Ciampaglia, CEO of Sprott Asset Management, joins CNBC's Fast Money to talk about the gold market and explain how central banks and overseas buyers are driving current demand. 

The breakout in gold prices since February has been largely ignored by mainstream investors. Gold bullion’s breakout is significant in that it represents the positive resolution of a three-year consolidation.

Gold reached an all-time closing high and is up 8.09% YTD (as of 3/31/2024) after rising 13.10% in 2023. We believe several factors are in place for gold to move higher, such as strong central bank buying. 

In this episode of Shifting Energy (Season 1), Thalia Hayden @etfguide talks with Ed Coyne and Steve Schoffstall at Sprott Asset Management about what's driving the copper growth story.

Learn how renewed interest in nuclear power, rising global energy demands, and the transition to clean energy are driving investment opportunities in uranium, copper and their miners in this Asset TV video featuring Ed Coyne and Steve Schoffstall.

Electricity demand is expected to grow 86% by 2050. At the center of this growth are uranium and copper – two critical materials that are in high demand and limited supply.

Uranium markets pulled back in February after a rapid rise—in our view, this is a healthy pause in the ongoing uranium bull market. News from Kazatomprom and Cameco reinforce uranium markets' structural supply deficit.

Steve Schoffstall visits Nasdaq TradeTalks to talk about Sprott’s continued expansion in the critical minerals sector, including the launch of COPP. 

Ed Coyne discusses copper’s role in the energy transition, its current status in the market and how Sprott is capturing the potential opportunity with COPP and COPJ.

February was lackluster for critical materials, but the backdrop remains very positive. The global commitment to clean energy hit a new milestone in 2023 as investment surged to an unprecedented $1.77 trillion.

John Ciampaglia joins Thalia Hayden on Sprott’s new video series, Shifting Energy. They discuss surging uranium prices, the latest nuclear renaissance and potential investment opportunities. 

The demand for copper in energy grids, electric vehicles and clean energy technologies, combined with diminishing ore grades and limited inventories, underscores copper's growing importance. 

In the U.S. alone, copper is a crucial element in nearly 7 million miles of electrical wires. This white paper introduces the trends that are driving copper markets and copper miners, and explains our positive outlook. 

John Hathaway shares his thoughts on the disconnect between the gold price and gold stocks, explaining why it's happening, whether he's seen it before and what could make gold stocks finally start moving.

Uranium price surged 11% in January, fueled in part by Kazatomprom's cut in guidance for 2024 production. Junior uranium miners were top performers , climbing 18.78%. 

The era of renewable energy is emerging and beginning to reshape power generation. Recent trends suggest that this is a fundamental transformation powered by the fall in renewable energy costs. 

Whitney George, CEO of Sprott, joined Evan Lorenz to discuss Sprott's growth and the increasing demand for critical materials, including uranium. 

Energy infrastructure and commodity markets are coming into high focus. A new wave of technological changes geared towards higher energy efficiency is underway. We believe that nuclear energy and uranium miners are poised to benefit from this shift.

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).

John Ciampaglia joins James Connor at the Bloor Street Capital Virtual Uranium Conference to examine the growing interest in the uranium market, and Sprott’s movement in the space. 

John Ciampaglia sits down with BNN Bloomberg to discuss the uranium market. "We’ve been very active in educating the market and investors about the uranium thesis since we acquired the Uranium Participation Corporation in July 2021."

What forces are likely to drive energy transition materials and precious metals markets in 2024 and over the next decade? We discuss 10 critical macroeconomic and market-specific themes.

Nuclear waste is not something to be feared. In this video, we dispel the many fears and concerns about spent nuclear fuel. 

We  believe that the investment case for gold mining equities is clear and compelling, grounded in value analysis and situational factors. A challenge is having the patience to wait for investors to discover the attraction. 

At the 2023 Schwab Impact conference, Sergio Lujan joined Keith Black of RIA Channel to discuss Sprott’s specialization in precious metals, the current state of the gold market, along with our outlook.

2023 provided the long-awaited inflection point for the uranium contracting cycle. Long-term security of supply concerns, fanned by lingering geopolitical risks and the challenges of expanding primary production, are likely the key themes to watch.

The U3O8 uranium spot price broke through $80 per pound, gaining 8.39% in November. COP28 was dubbed the "nuclear COP" in recognition of nuclear power's increasing importance. 

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.

The uranium market is experiencing increased demand, driven by its integral role in clean energy generation through its use in nuclear power.

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."

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. 

While the price of U3O8 uranium has lagged since May 2022, conversion and enriched uranium prices have significantly appreciated. We believe that current demand, coupled with a shift away from Russian suppliers, is likely to support a higher U3O8 uranium spot price.

Gold and gold mining equities posted strong results in November, up 8.26% and 16.79%, respectively. Silver gained 15.81%. Risk assets were catalyzed higher by the Fed's signal that it would slow the pace of rate hikes.

Silver is used in every smartphone, desktop and laptop computer, and is essential for the construction of EVs, solar panels and many other technologies needed for the green economy.

2022 has been a difficult year for many asset classes. Markets were historically volatile, with higher-than-expected inflation, quickly rising interest rates, the Russia-Ukraine war and the threat of a global economic recession. 

The U3O8 uranium spot price climbed 8.32% in October. Our positive outlook is supported by the unprecedented number of announcements for nuclear power plant restarts, life extensions and new builds that are all creating demand for uranium.

The tough year continued in October for many asset classes, including gold and other precious metals. Gold demand, however, was strong in Q3 2022 as long-term investors took advantage of lower prices to build positions.

Uranium, an element born of the stars, is as complex as it is paradoxical. This heavy metal holds dormant powers both inspiring and terrifying. This video shares incredible facts about uranium’s inter-planetary origins and looks at the critical role of uranium in the burgeoning green energy economy.

September was tough on uranium, which was negatively impacted by the month's drawdowns. We believe the uranium bull market remains intact, especially given that many countries are facing energy shortages and rocketing costs.

"The parabolic rise in the dollar contains the seeds of its own demise. The façade of dollar strength foretells a comeuppance for all currencies in the form of a steep devaluation in terms of gold."

Since Q2 2020, gold has held above $1,700 but in mid-September, a significant risk-off wave occurred, breaking nearly every risk asset lower. The primary causes were higher than expected inflation data forcing yields (especially real yields) and the USD higher, two important gold drivers.

Uranium, both physical uranium and mining equities, had standout performance in August, in contrast to the weak results posted by the broader markets. We believe uranium's gains reflect the growing acceptance of nuclear power among global governments as they seek alternatives to meet ambitious energy transition and security goals.  

It’s been a summer of doldrums for many asset classes. Precious metals lost ground as a liquidity crunch took hold in response to market declines and volatility. Gold declined 3.11% and silver fell 11.62%.

The Sprott Physical Uranium Trust (“SPUT”, TSX: U.U ($US); U.UN ($CA)) was launched just over a year ago in July 2021. While we were optimistic about the prospects for uranium, we could not foresee the tectonic shifts in the uranium sector that followed the launch and SPUT’s significant impact.

When SPUT began trading in late July 2021, there were many questions about how it would affect the uranium market. With 12 months of trading now behind us, we can confidently state that SPUT has dramatically altered the spot uranium market with far-reaching effects on much of the industry.

Maria Smirnova is interviewed by Taylor Combaluzier, Red Cloud Financial Services. Maria joins Tavi Costa, Crescat Capital LL. and Peter Krauth, Author of "The Great Silver Bull".

July was another difficult month for most asset categories and was characterized by selling capitulation into exhaustion. Much more aggressive Fed rate hike expectations relative to other global central banks were a significant cause of U.S. dollar (USD) strength and rising real yields, which adversely affected gold.

If the Fed is to abandon the practice of inflating financial assets, which would represent a secular shift in direction, substantial deflation lies ahead from which the purchasing power of gold is expected increase in real terms.

Gold continued to perform as a safe haven store of value in what has been one of the most challenging six-month periods for markets in decades. Gold has managed to stay above the $1,800 support level despite the broader market carnage.

As one of the key platinum group metals, palladium is a highly prized commodity. It commands more monetary value than gold and is 30 times as rare, with industrial demand outstripping supply for the last decade.

Ted Oakley interviews Sprott's John Hathaway on the gold bullion and equities markets. Oakley and Hathaway discuss why investors should consider adding gold to investment portfolios and how gold affects portfolio diversification.

May saw selling across most asset classes and scant appetite for safe haven assets such as gold. However, gold bullion has outperformed many other asset classes YTD and continues to do its job. 

Platinum is a metal that represents power, prestige and a sense of great accomplishment. Modern day uses of platinum include catalytic converters for vehicles, as it converts car exhaust gasses into less harmful substances, as a catalyst in the chemical industry and even in the creation of life-saving anti-cancer drugs.

Just as we predicted the current wave of inflation in 2020 without going far out on a limb, we are also not going out on a limb with our announcement of persistent stagflation.

Silver is historically undervalued relative to gold and offers an attractive investment opportunity. Silver market fundamentals are strong, given that declining supply trends cannot keep up with rising, longer-term demand. 

A new uranium bull market is underway. Uranium miners are well positioned to take share within the energy sector as energy security and decarbonization take center stage globally. 

 Ed Coyne and Tim Rotolo, co-creator of the North Shore Global Uranium Mining Index (URNMX), explain how the Index is constructed to provide exposure to the key components of the uranium mining industry.

Douglas Yones, NYSE Head of Exchange Traded Products, interviews John Ciampaglia, Chief Executive Officer, Sprott Asset Management, on the recent launch of Sprott Uranium Miners ETF (URNM). 

Gold held in ETFs has increased sharply this year as the safe-haven flight continues. April was tough on many investment sectors, with the S&P 500 Index down 8.80%, the Nasdaq Composite Index declining 13.37% and U.S. Treasury bonds falling 3.10%.

Host Ed Coyne is joined by Tim Rotolo to discuss the current dynamics of the uranium mining sector and how the Index is constructed to provide exposure to the key components of the uranium mining industry.

The price of gold has been treading water for 10 years while the investment fundamentals have improved dramatically. That is why, in our opinion, significant upside lies ahead for gold and related equities. 

Gold posted its all-time highest quarterly close on March 31, 2022, ending a volatile month that helped gold climb above $2,070 on March 8. While gold may have climbed back to its highs on safe-haven flows, other positive gold supports are definitely in play.

Read the latest intel on Palladium from the World Platinum Investment Council. The spectacular increase in the price of palladium since 2016, in particular during 2019, attracted widespread interest from investors, industrial users of palladium and market commentators. It also highlighted the importance of understanding the palladium market when considering an investment in palladium or platinum.

"The Russian-Ukraine conflict is probably one of the biggest macro drivers in the marketplace... Before Russia-Ukraine, the gold market had started shaking off the hawkish Fed rhetoric. Russia-Ukraine has just amplified gold's value as a safe haven asset."

Throughout history, gold has played a prominent role in the advancement of human civilization. Seen as a representation of the sun, of the gods and of true value, gold is a form of real money without counterparty risks. Learn about gold’s culture, uses and history.

Gold bullion is up 4.36% YTD through February 28, 2022, and silver bullion has increased 4.90%. Gold mining equities rallied. Investors sought safe-haven assets given the heightened concerns over rising interest rates and the escalation of the Russia-Ukraine conflict.

Nuclear energy’s profile as a highly efficient, reliable and zero-carbon producing energy source has helped to create a new bull market for physical uranium.

Stephanie Pomboy and Grant Williams interview a true legend of the precious metals industry, John Hathaway. The three discuss the Fed, inflation, the financial markets and the outlook for gold bullion and gold stocks. 

"I believe that we are on the cusp of a generational opportunity today. I would encourage every viewer to dust off their old notebooks and do a little research on precious metals mining companies, especially those that are well managed, with attractive balance sheets."

Gold reached a high of $1,848 in January, but slid following the Fed's exceptionally hawkish statements at the January FOMC meeting. Market risks are rising and we believe that gold, as it did in 2018, is likely to stage a breakout given its safe haven characteristics.

Based on historic patterns, gold's lengthy consolidation indicates that prices have the potential to rally sharply and quickly in the coming year. We explain why in our List of Top 10 things to watch for gold investors. 

With Fed policy taking a more hawkish turn, the fire hose of liquidity that has fueled market mania is being turned off. At this moment, it appears that confidence in the Fed and attraction to gold are binary. 

Research and development on small modular nuclear reactors (SMRs) are underway globally and generating tremendous buzz. But SMRs are not likely to contribute meaningful amounts of carbon-free power for another decade.

Sprott's Ed Coyne and John Ciampaglia join Per Jander of WMC Energy to discuss the promising investment case for uranium and the launch of Sprott Physical Uranium Trust (TSX: U.UN). The Trust invests and holds substantially all of its assets in uranium in the form of U₃O₈ or "yellowcake," which is created in the first stages of its lifecycle from mined ore to spent fuel.

Silver climbed more than 47% in 2020, reaffirming its value as a safe haven portfolio asset during the COVID pandemic. But our bullish outlook for silver is based on its unique role as an industrial metal. Silver should be integral to any "green revolution" discussions, given that it is critical to the success of EVs, solar energy and 5G cellular networks. We believe that silver demand will likely explode in the next 10 years, and we don't foresee supply growth keeping pace. 

Silver has been on the move since April, although it is still playing catch up to gold in this year’s precious metals rally.  We identify four long-term consumer-driven trends that are positively driving demand for silver, including solar energy, battery-electric vehicles (BEVs), 5G cellular connectivity and antimicrobial applications.