Insights

We believe gold mining equities are on the cusp of significant appreciation, as they fail to reflect the revaluation of USD gold prices that continues to unfold. The strong fundamentals for miners have been largely overlooked, possibly because investors misunderstand developments that have supported the sharp devaluation of the dollar vs. bullion. In our view, gold miners, which display many signs of an incipient bull market, offer significant catch-up potential relative to the metal.

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. John Hathaway is a Managing Partner and the Senior Portfolio Manager for Sprott Asset Management, and has more than five decades of experience as portfolio manager, founder and Certified Financial Advisor.

Sprott's Steve Schoffstall discusses how AI, robotics and quantum computing are integrating into the overall global economy and how these developments will reshape the global energy landscape. Learn about electricity production and technological innovation and how to invest in the opportunities they provide.

John Ciampaglia, CEO of Sprott Asset Management, and Jimmy Connor of Bloor Street Capital discuss the flows into the Sprott Physical Gold Trust on the back of higher gold prices and the Sprott Physical Uranium Trust, on the news of lower production from Kazatoprom.

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.

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.

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 like uranium, lithium, nickel, and copper, which are essential for powering and cooling these centers.

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. Over the longer term, physical uranium and uranium miners have demonstrated significant outperformance against broad asset classes, particularly other commodities.

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. We believe the window of opportunity to position this sector on attractive investment terms is beginning to narrow quickly.

Gold has been on the move since Q2 ended, after having gained 12.79% year-to-date as of June 30, gold's best six-month start since 2020. Gold enjoyed strong support from central bank buying. Silver closed Q2 at $29.14, its highest quarterly close since Q3 2012. Silver was supported by the gold breakout and global monetary expansion policies.

The world is in the midst of a fourth industrial revolution (4IR) as technological developments like artificial intelligence (AI), robotics, IoT, genetic engineering and quantum computing bring about an unprecedented integration of the digital, physical and biological realms. Electrification and energy are pivotal to advancing 4IR technologies, and the resulting demand pressures on critical minerals like copper, lithium and uranium are supporting a new commodity supercycle.

In this episode of Shifting Energy (Season 1), Thalia Hayden of @etfguide talks with John Ciampaglia, CEO of Sprott Asset Management, 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, Director of ETF Product Management at Sprott Asset Management, 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.

Thus far in 2024, the uranium spot price has stabilized between $85 to $95 per pound after a significant 88.54% increase in 2023. This phase indicates a healthy correction within a bullish market cycle. Uranium miners have shown improved performance, catching up to gains in the spot price. 

The copper market is entering a new supercycle, built on several rising geopolitical and market trends contributing to a strong bullish outlook. 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.

Learn about this critical mineral, its uses and how copper may be well positioned to benefit from increased investment in the low-carbon and renewable energy sector.

Silver is a critical player in the global shift toward cleaner energy. Solar panels and EVs, both essential for curbing greenhouse gas emissions, rely heavily on silver. Other new technologies, including AI, have also sparked demand for silver, while overall silver supply has declined. This dynamic is likely to provide support for silver bullion prices and silver-focused miners.

Replay our webcast, focused on gold and silver, and featuring John Hathaway and Maria Smirnova. Gold is enjoying strong support from central bank buyers like China, looking for an alternative to the U.S. dollar. Silver is benefitting from increased demand for photovoltaic solar panels, which climbed to new highs in 2023.

The rise of AI and data centers is likely to significantly increase global electricity demand, creating challenges for power grids but also opportunities for stable, clean energy sources like nuclear power. AI data centers are also likely to support increased demand for copper-intensive electrical equipment.

Nickel's future looks promising due to its role in achieving net-zero emission goals. Stricter regulations and government support for electric vehicles are driving up demand for nickel, which will benefit nickel mining companies in the long run. Nickel-intensive batteries are also increasingly being used in large-scale energy storage systems that employ thousands of NMC batteries to power renewable energy projects.

Rising global commitments to nuclear energy are helping to make uranium a compelling investment. While spot uranium prices have come down slightly after a significant rise, we believe there is room for growth given that demand is expected to climb as the need for low-carbon energy sources intensifies. We believe that uranium miners can add growth potential and diversification to investor portfolios.

The uranium market showed mixed performance in March: the spot uranium price fell but miners' stocks rose due to long-term positive outlook for uranium demand. With no meaningful new supply on the horizon for three to five years, we believe the uranium bull market has further room to run.

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, a critical enabler that promises to reshape how we generate, distribute and consume electricity. As we examine this evolving landscape, it becomes evident that battery storage is a technological cornerstone for a sustainable energy future.

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 standoff, consolidation, or tug of war between bulls and bears. The indifference of investors in Western capital markets suggests to us that there is significant potential for further upside.

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 fundamental factors are in place for gold to move higher, in particular, strong central bank buying. We also see three drivers for a higher silver price: 1) silver tracks rising gold due to central bank buying, 2) reflation trade and 3) increased solar panel demand.

In this episode of Shifting Energy (Season 1), Thalia Hayden @etfguide talks with Ed Coyne, Senior Managing Partner and Steve Schoffstall, Director of ETF Product Management at Sprott Asset Management about the copper growth story, what's driving it and the investment opportunities now and ahead.

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.

Electricity demand is expected to grow 86% by 2050. At the same time, most of the world is committed to seeking zero-carbon emissions and increasing nuclear energy capacity. At the center of this growth and transformation are uranium and copper – two critical materials that are in high demand and limited supply. These materials and their miners are potentially attractive investment opportunities.

Uranium markets pulled back in February after a rapid rise—in our view, this is a healthy pause in the ongoing uranium bull market. Announcements from Kazatomprom and Cameco underscored the uranium markets' structural supply deficit, while global governments continued to champion the benefits of nuclear energy.

Steve Schoffstall visits Nasdaq TradeTalks to talk about Sprott’s continued expansion in the critical minerals sector, including the launch of Sprott Copper Miners ETF (COPP). Steve touches on the demand for copper in the ongoing global energy transition and what it means for the copper market overall. 

Ed Coyne stops by Nasdaq Investment News to discuss copper’s role in the energy transition, its current status in the market and how Sprott is capturing the potential opportunity with the Sprott Copper Miners ETF (COPP) and the Sprott Junior Copper Miners ETF (COPJ).

February was a lackluster month for critical materials, but the backdrop remains very positive. The global commitment to clean energy hit a new milestone in 2023 as investment in energy transition surged to an unprecedented $1.77 trillion, led by electrified transport. Over the past 10 years, investment in global energy transition has grown at a 24% compound annual rate, several times the global GDP growth rate.

John Ciampaglia, CEO of Sprott Asset Management, 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 series was created in partnership with ETF Guide to keep viewers on top of energy transition 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. We believe copper prices and miners are likely to benefit from the growing supply-demand gap.

Sprott's 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 to $101 per pound, fueled in part by Kazatomprom's cut in guidance for 2024 production by ~14%. Junior uranium miners were top performers for the month, climbing 18.78%. Supply uncertainties continue to dominate markets, given the situation in Niger and possible bans on Russian uranium. 

A significant transition is underway in global energy production. The era of renewable energy is emerging and beginning to reshape power generation. Recent trends suggest that this shift is no fleeting phenomenon but a fundamental transformation powered by the relentless fall in renewable energy costs. The world is investing heavily in renewables. Some 62% of total global energy investment is now directed to clean energy.

Whitney George, CEO of Sprott, joined Evan Lorenz to discuss Sprott's growth and the increasing demand for critical materials, including uranium. George: "The world is going to wake up and discover that there are huge deficits in things like copper, lithium and nickel. They're volatile, but as contrarians, we have the ability to move in when others are going the other way." 

John Ciampaglia, CEO Sprott Asset Management, joins James Connor at the Bloor Street Capital Virtual Uranium Conference to examine the growing interest in the uranium market, the current state of the spot and contracting markets and Sprott’s movement in the space. 

John Ciampaglia, CEO of Sprott Asset Management, sits down with Andrew Bell of BNN Bloomberg to discuss the uranium market and Sprott’s growth in the space. Campaglia: "We’ve been very active in educating the market and investors about the uranium thesis since we acquired the Uranium Participation Corporation in July of 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 ranging from deglobalization and climate policy to the new commodity supercycle and a potential silver price breakout.

Nuclear waste is not something to be feared. The care with which it is handled and stored contributes to the fact that nuclear power is one of the safest forms of baseload energy generation known to humanity. In this video, we dispel the many fears and concerns about spent nuclear fuel. 

We firmly believe that the investment case for gold mining equities is clear and compelling, grounded in both value analysis and situational factors. A primary challenge is having the patience to wait for investors to discover the attraction. In our view, investing in gold equities is an asymmetric proposition of minimal downside offset by outsized upside potential. 

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 whereby we have finally achieved replacement rate levels. We believe the era of uranium inventory destocking and utility complacency is over. Long-term security of supply concerns, fanned by lingering geopolitical risks and the challenges of expanding primary production, will be the key themes to watch in 2024 and beyond.

The U3O8 uranium spot price broke through $80 per pound, gaining 8.39% in November and is up 67.10% YTD; uranium stocks followed suit. COP28 was dubbed the "nuclear COP" in recognition of nuclear power's increasing importance and a growing awareness of a uranium supply-demand gap.

The long-term trajectory for EVs is positive despite the recent slowdown. The EV industry is navigating the typical challenges of early technology adoption, with continuous investments and technological advancements driving the transition to electrification. Lithium-ion batteries (LIBs) are the preferred battery technology for EVs, thanks to their superior technical properties and significant investment in their development and infrastructure.

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. Risk assets have been helped by lower long-term bond yields, a weakening U.S. dollar and record gold buying of by central banks.

Per Jander and James Connor discuss the uranium market, highlighting the catalysts for sharp increases in uranium prices in 2023, including increased utility and producer activity, production shortfalls from major players like Cameco and Orano, and geopolitical uncertainties affecting supply. 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. Although uranium mining stocks pulled back last month, the stronger uranium price has boosted producer revenues and the potential for mine restarts and new developments. A growing supply deficit is helping to support higher price levels as the West focuses on reshoring supply chains. 

As the United States advances in its pursuit of clean energy, it is strategically redirecting its energy security emphasis from oil to critical minerals. This dynamic shift is designed to decrease reliance on oil, and diminish the influence of oil geopolitics and the sway of petrostates such as Russia.

John Ciampaglia, CEO of Sprott Asset Management joins CNBC 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, Senior Managing Partner, sits down with Gillian Kemmerer of Asset TV to discuss the energy transition to uranium and other battery metals, and what investors should take into consideration in this space. He also shares Sprott's outlook on gold. 

Despite a pullback on gold investments, 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. Silver is likely to be in high demand as the energy transition expands, given it is critical to solar PV panel technology, EV batteries and 5G cellular service. 

Despite recent weakness in gold and precious metals stocks, we believe gold may be poised for stronger performance in the coming months. The Federal Reserve'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. Evolving technologies in renewable energy, especially in the solar space, are driving a surge in silver demand which may likely outpace supply over the next decade.

John Ciampaglia, CEO of Sprott Asset Management: "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 in what's going on in the uranium space, whether they are deeply involved in the trade or new to it. Investors 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%. Positive sentiment toward nuclear power is growing, and the WNA estimates that uranium demand will double by 2040. Western nations are strategically maneuvering to reduce their dependence on Russia for both uranium supplies and related services.

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. Who are the buyers and sellers, how is uranium transacted and how will the market evolve moving forward? Per answers these questions and more to give investors a better understanding of the dynamics of the uranium trade.

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. This has created a growth opportunity for uranium miners, especially as the uranium supply is facing challenges in meeting current and future demand.

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. In this environment, uranium, lithium, copper and other high-demand, short-supply critical minerals are vitally crucial — and potentially attractive as investment opportunities.

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 TR Index's YTD return of 18.73%. We believe the uranium bull market is intact and favorable supply-demand dynamics will likely continue to provide support.

Uranium had a strong month in August, contrasting with the decline of most energy transition metals due to China's economic troubles and shadow banking woes. The investment capital spurred by the U.S. Inflation Reduction Act (IRA) is turning the U.S. into a cleantech powerhouse, reshaping global economics. The old China-led commodity supercycle is giving way to a new U.S.-based supercycle focusing on clean energy and innovation.

Electric vehicle (EV) adoption has surged in recent years, creating unprecedented demand for lithium, a critical component of EV batteries. With lithium demand expected to rise substantially in the years ahead, lithium miners are at the nexus of the global EV transformation. 

John Ciampaglia, CEO of Sprott Asset Management 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 miner stocks climbing 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. opened its first new nuclear power facility in 30 years (Georgia Power's Plant Vogtle) and is actively legislating to reduce dependency on Russia's nuclear supply chain.

Given increased electricity demand and the risks posed by climate change, the U.S. power grid desperately needs modernization. There is an immediate need to expand the grid’s capacity, increase its resilience and support its most vulnerable components – the transmission and distribution lines. This is driving the development of energy storage systems and V2G (vehicle-to-grid) technology and is a major copper demand driver. 

James Connor of Bloor Street Capital and John Ciampaglia, Sprott Asset Management CEO, discuss the positive environment for uranium, as a global shift in sentiment is putting nuclear power in a more positive light.

John Ciampaglia, CEO of Sprott Asset Management, sits down with James Connor of Bloor Street Capital to discuss the current state of the gold market, the resilience of uranium compared to other commodities, the growth of the battery metals sector and Sprott’s focus on providing investors with access to energy transition investments. 

In the first half of 2023, the gold bullion price rose by 5.23% despite competition from a euphoric equity market. Even with contrasting approaches, central banks and investment funds became the main players shaping the gold market in the first half of the year. Central bank buying drove demand, and gold is reverting to its historical role as a significant reserve asset as central banks seek to diversify amid geopolitical uncertainties.

Uranium markets rallied in June with the U3O8 uranium spot price adding 2.61%. 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 in June, with junior miners up 18.88%. Positive momentum in reshoring supply chains continues, given looming sanctions on Russian uranium.

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, which includes building a secure and resilient domestic EV battery supply chain. The U.S. and EU are likely to replace China as the primary drivers of future metals demand, as China's two-decades-long commodities dominance has likely crested.

The U3O8 uranium spot price gained 1.58% in May,* increasing from US$53.74 to $54.59 per pound as of May 31, 2023. Uranium 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, which declined 13.16% YTD (as measured by the BCOM Index).

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. This highlights gold's role as a neutral reserve asset that has the potential to mitigate increasing counterparty risks amid escalating geopolitical tensions.

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. China’s dominance in critical minerals poses risks to the West’s manufacturing base and national security, highlighting the need for onshoring and friend-shoring energy transition supply chains.

"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). We believe the unique supply and demand dynamics for critical minerals will underpin potential investment opportunities in the years ahead.

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, which began with the early 2022 Russia-Ukraine invasion and was followed by rising interest rates, stubborn inflation and the 2023 banking crisis. We believe near-term support for gold will remain at ~$2,000 and that markets are likely to test new highs.

Sprott CEO Whitney George discusses the global energy transition and the growing interest in critical minerals investing with Asset TV's Jonathan Forsgren. George explains how Sprott expanded beyond "all things gold" to offer physical uranium, as it forged a path to becoming 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". Globally, we are entering a more challenging period featuring subpar economic growth, increasing risks to systematic financial stability, stubbornly high inflation and rising geopolitical risks. Against this backdrop, we believe gold should perform well, even if the U.S. debt ceiling disaster is averted.

The long-term secular growth outlook for energy transition materials got several boosts in April, despite tepid performance for the month. Chile's decision to nationalize its lithium reserves reinforces the metal's role as a global strategic economic asset. M&A activity has heated up in the copper mining sector with lofty bids, including Glencore's $23 billion rejected offer for Teck Resources at a 20% premium.

The U3O8 uranium spot price climbed 6.01% in April, closing the month at $53.74. The U3O8 price reacted positively to China's bullish comments about its ambitious plans to expand its nuclear energy capacity to supply 18% of its electricity needs by 2060, up from 5% today. YTD, the uranium spot price has gained 11.24% as global acceptance of nuclear energy increases and positive momentum builds within the uranium industry.

Commodity prices weakened in March in reaction to financial system stress and recession fears. 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. China has moved aggressively to acquire critical minerals in the past 20, but we believe the West has near-unmatched capabilities and is a formidable competitor.

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. We believe that investments in precious metals bullion, especially, have the potential to provide a safe haven "moat" to investment portfolios.

The U3O8 uranium spot price fell slightly in March, from $50.85 to $50.70. YTD through 3/31/2023, uranium has gained 4.93%, demonstrating resilience relative to other commodities (down 6.47% as measured by the BCOM Index). Along with other equities, uranium mining stocks fell in March, victims of the selloff following the U.S.'s biggest banking crisis since 2008. Positive headlines on nuclear power restarts continued in March.

In March, gold posted its highest monthly close since July 2020 and rounded out a solid Q1 2023 gain of 7.96%. Gold 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. We are very optimistic given that many significant long-term bullish macro factors for gold have become stronger, while some shorter-term cyclical gold bearish factors have faded.

Let it be said here that the financial media at best pays only lip service to the thought: there is likely no safer asset than physical gold. 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.

February saw energy transition materials/critical minerals markets correct, but the secular story remains strong. 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.

Edward C. Coyne, Senior Managing Partner, Global Sales, 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. The panel digs into how ESG can be integrated into investments and what the “energy transition” means in terms of commodity demand.

Although markets in February saw a reversal of January's positive performance, spot uranium posted a slight gain of 0.20%, outperforming many other asset classes. 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.

Whitney George, Sprott CEO: "In addition to our traditional precious metals focus, we have entered the energy transition materials space, which began with the creation of Sprott Physical Uranium Trust.... I believe Sprott is well equipped to offer  energy transition investments, which will be a very important theme in the next 10 years."

Gold fell in February, closing the month at $1,827 in a correction characterized by a stall in buying, but not selling. Since gold's autumn 2022 low of $1,622, global central banks have been buying gold at record rates; more than three times their long-term averages. The current scale of central bank buying is massive — an annualized rate of 1,724 tonnes vs. an average of 512 tonnes over the past decade. Central bank gold purchases as a percentage of global gold demand have also tripled to 34% from their average of 11% over the past several years.

John Ciampaglia: “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.” Bloor Street Capital's Nuclear and Uranium Virtual Conference featured John Ciampaglia, CEO of Sprott Asset Management, and Per Jander, WMC Energy, Director, Nuclear & Renewables.

As the world sets aggressive goals to reduce reliance on fossil fuels and move to cleaner energy sources, critical minerals will be essential. 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. For energy transition metals, we see this as a cyclical boost on top of the robust secular demand that is in play.

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. CEO Whitney George: "For the global energy transition, decarbonization initiatives will require an enormous amount of mined material. Chronic underinvestment in supply capacity and the difficulty in bringing mines to production indicate that supply is not likely to keep up with demand, putting upward pressure on prices for many energy transition materials."

January was a strong month for uranium markets, with U3O8 uranium spot price posting a 5.05% increase and uranium mining equities gaining 14.65%. 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. Price action and trading desk anecdotes indicate significant buying from China's "official sector", including the People’s Bank of China. This was in stark contrast to China's accelerated selling of U.S. Treasuries.

A global clean energy transition is underway. Significant investment in energy infrastructure will be required over the coming decades as we evolve how we generate, transmit and store energy. Critical minerals will be essential. 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 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. Uranium's performance was notably strong in 2022, despite the overall bear market. Although uranium mining equities fared less well, we believe that the positive fundamentals for uranium and nuclear energy are likely to provide support in 2023.

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. We believe the global clean energy transition will grow more urgent as energy markets continue re-ordering and energy security becomes synonymous with national security. The signposts point to a commodity-intensive, inflationary and capital-intensive decade where energy transition materials and precious metals will become far more valued than in the prior market regime.

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. Looking ahead, we believe investors willing to seize the opportunity presented by inexpensive, unloved gold mining equities, will have the potential to reap substantial benefits from breaking the ranks of groupthink.

In tackling environmental, social and governance (ESG) concerns, the "S" stakes are high for mining companies. Standards for corporate behavior have become more stringent over time and local communities where mines exist expect significant benefits from mining operators. Gold miners must earn their “social license” to operate, maintaining positive partnerships with host-country governments and with local communities.

The uranium markets did not perform as well as other sectors in November, despite having posted relatively strong performance throughout 2022. 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, a better-than-expected October inflation report and speculation that China may phase out its zero-COVID policy.

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. While metals and mining investments shared in 2022’s volatility, we look ahead to brighter opportunities in 2023.

The U3O8 uranium spot price climbed 8.32% in October, rising from $48.25 to $52.27 per pound. YTD as of October 31, 2022, the uranium spot price Has climbed by 24.12%. We believe the uranium bull market remains intact despite the negative macroeconomic environment. Our 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. With financial system stress cracks showing up, central banks are now trying to balance aggressively fighting the highest inflation levels in 40 years while maintaining financial stability in over-leveraged governments and markets. 

September was tough on uranium (both physical and stocks), 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. Nuclear energy provides a solution as a reliable, affordable base-load energy source. 

The parabolic rise in the dollar contains the seeds of its own demise. The kiss of death, as for all overcrowded trades, is that it has become front page news. Dollar strength is a mirage, the reverse image of the flaw inherent in all paper currencies. The fatal flaw is that they are the ever increasing issuance of fiscal decay. The façade of dollar strength foretells a comeuppance for all currencies in the form of a steep devaluation in terms of gold.

Gold held above $1,700 since Q2 2020, but in mid-September, a significant risk-off wave occurred, breaking nearly every risk asset lower. The primary causes are 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. In our universe, however, uranium and other energy transition metals were a welcome exception to the market carnage — the spot uranium oxide composite was up 8.73% in August and 25.45% YTD. Precious metals, by contrast, lost ground as a liquidity crunch took hold in response to market declines and volatility. Gold lost 3.11% and silver fell 11.62% in August, while gold mining equities magnified gold bullion's loss by declining 10.00%.

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, Senior Portfolio Manager & Chief Investment Officer, Sprott Asset Management, is interviewed by Taylor Combaluzier, Red Cloud Financial Services, in Fireside Chat: The Silver Perspective. Maria joins Tavi Costa, Partner & Portfolio Manager, Crescat Capital LL. and Peter Krauth, Author of "The Great Silver Bull" and Editor of the Silver Stock Investor Newsletter.

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. Although gold bullion lost ground, it remains relatively better off than many other assets for the year at -3.46% YTD through July 31, 2022.

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 will surely rise in real terms. If there is a return to business as usual, i.e., papering over policy mistakes, we believe that the gold price has the potential to rise to all-time highs in nominal 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. By contrast, equities (as measured by the S&P 500 Index) recorded their worst first-half start to a year since 1970 and bonds (U.S. Treasury Index) registered their worst first six months since 1973 (based on available data).

Ted Oakley of Oxbow Advisors interviews Sprott's John Hathaway on the gold bullion and gold equities markets. Oakley and Hathaway discuss why investors should consider adding gold to their investment portfolios and explore 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. Gold held its value with low correlation to the S&P 500 and lower volatility than other assets.

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. We will certainly not have to endure a repeat of the stagflation of the1970s; rather, we’ll see stagflation 2.0, with its numerous peculiarities.

Silver, from a pricing standpoint, 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. Post-COVID, silver demand is rebounding, led by industrial, jewelry and physical coin and bar investment. We are excited about silver's importance to green technology and de-carbonization trends like EVs. 

A new uranium bull market is underway. Energy security and decarbonization are taking center stage globally, igniting a fresh and more rational look at the benefits of nuclear power. Ed Coyne, Senior Managing Director at Sprott, joins Tim Rotolo, co-creator of the North Shore Global Uranium Mining Index (URNMX), to 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 lost 2.09% in April, a month marked by across-the-board outflows in many asset classes as volatility surged. By contrast, 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%. The U.S. dollar was one of the few beneficiaries as it neared multi-year highs.

Host Ed Coyne is joined by Tim Rotolo, co-creator of the North Shore Global Uranium Mining Index (URNMX), 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. Putin’s war introduces yet an additional reason to stoke investment demand for the yellow metal. It is not only war in the kinetic sense, but the reserve currency and cyber aspects that have far-reaching implications for gold. 

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. By contrast, the U.S. Treasury Index suffered its worst quarter since 1973 and the S&P 500 Index posted its first negative quarter since Q1 2020. While gold may have climbed back to its highs on safe-haven flows, other positive gold supports are definitely in play.

Sprott Market Strategist Paul Wong joins Asset TV's Jenna Dagenhart to discuss Sprott's outlook for gold.

Paul Wong: "The Russian-Ukraine conflict is probably one of the biggest macro drivers in the marketplace. Many commodity users, transportation providers and financial facilities are heading toward self-sanction. There is almost a semi-defacto oil embargo going on right now....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. Symbol Au, atomic number 79, gold has been used to adorn the tombs of the great pharaohs and to help power spacecrafts that extend the horizons of humanity’s domain. Learn about gold’s culture, uses and history.

The precious metals complex rebounded strongly in February as other assets faltered. Gold bullion is up 4.36% YTD through February 28, 2022, and silver bullion has increased 4.90%. Gold mining equities rallied and have gained 10.17% YTD. Investors sought safe-haven assets given the heightened concerns over the economic/market risks from 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. We discuss the shifting sentiment toward nuclear power and why a growing number of investors are investing in physical uranium and uranium miners.

Stephanie Pomboy and Grant Williams, hosts of the popular podcast Super Terrific Happy Hour, interview a true legend of the precious metals industry, John Hathaway of Sprott Asset Management. 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.

For 2021, the gold price averaged $1,799 compared to $1,770 for 2020, up $29, despite losing 3.64% for the twelve months. Gold traded in a narrow range for most of last year as markets were ping-ponged by inflation and rate hike expectations. 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. Our view is that a position in gold offers a very favorable asymmetric risk-reward proposition on the possibility that confidence will not survive 2022.

Research and development on small modular nuclear reactors (SMRs) is underway globally and generating tremendous buzz. But SMRs are not likely to contribute meaningful amounts of carbon-free power for another decade. By contrast, nuclear power plant life extensions and uprates hold the power to boost carbon-free electricity production in the interim and provide a bridge to a future date when new SMR technologies will be commercially available.