https://preview.redd.it/63dzhznl79eg1.png?width=2068&format=png&auto=webp&s=90058d41479fd0bf62051bd1293d7688b253fa78
The chart compares spot U (SRUUF) spot copper (SPHCF) and spot gold (SGOL)
Not included: silver because it's off the chart and landing on the moon, Nickel cuz I don't have a ticker, spot nickel up 20% for the year and nickel miners up 80% for the year (NIKL), iron, no ticker, spot Fe up a modest 4% for the year, big miners like VALE up modestly.
I missed the silver train and I'm not trying to board late. However, I am interested in what it means about commodities and metals in general for 2026. Copper has caught a strong case of the fever silver is passing 'round and has now caught up with gold in 1 year returns, while U is still behind but making chase. Uranium is not usually thought of as a precious metal, but it is sort of, at least as a decent store of value in a tumultuous economy.
Is the recent lift for U-miners because of the nuclear fuel squeeze narrative, is it just cyclical ups and downs, or is U just riding the back of the rest of an inflated economy?
I see a few different narratives as tailwind for U.
\- dollar debasement and silver and gold insanity (commodities supercycle, a la Rick Rule)
\- return to physical assets as a hedge against tech market crash
\- nuke fuel squeeze narrative (a la Justin Huhn)
\- re-domestication of mining and manufacturing narrative
In any case, I've spent the last week trying to decide if I should take glutinous profits on my uranium miners and redistribute to other metals, but if Uranium is going to chase copper and catch it, it's better to hold.
I don't know anything, please discuss, any pontifications welcome...