Nomi Prins

Copper is a strategic critical asset in short supply. The upcoming Section 232 tariff report on June 30 is likely to classify copper as a national security metal, leading to further tariffs on processed copper. Supply constraints from outages in Peru and Chile, long lead times for new mines, and rising demand from electrification and infrastructure will push copper above $7 per pound by year-end.

Uranium is undervalued at $85–86 per pound. Geopolitical control of enriched uranium is the core issue in the Iran war, and the US is passing acts to reduce reliance on Russian and Kazakh uranium. New mine projects and processing capabilities outside those countries take years to come online, creating a structural supply deficit that the market has not priced in.

Silver remains the number one pick for the year despite a pullback. The market is bifurcated with paper silver depressed but physical silver trading at premiums. Pure play silver miners in low-cost jurisdictions like Morocco offer high margins. Structural deficits in silver for industrial uses (solar, grids) and stockpiling by China and India support a rebound to $120 or higher by year-end.

Gold is currently in a range but presents a great buying opportunity. Central banks continue to buy gold as a reserve asset to diversify away from US debt and the dollar. The recent pullback from highs is temporary and driven by marginal investor flows shifting to oil and LNG, while strategic buyers (central banks) remain. Long-term thesis intact.