Gold is now 44% above its 2011 peak, while silver remains nearly 30% below its level from the same period.
Source: Crescat Capital, Blomberg, Tavi Costa
Uranium stocks ETF $URA is up +11% last week and +16% for the month, outpacing all other sectors.
Shares in nuclear energy companies surged to record highs last week after Amazon and Google struck landmark power supply deals, boosting efforts to deploy the first small modular reactors (SMRs) in the US. The share prices of US-listed SMR developers Oklo Inc and NuScale power rose by 99% and 36% respectively in the past week, after rivals X-energy and Kairos Power, two private SMR developers, announced the financing agreements. Shares in Cameco, Oklo, NuScale, Constellation and BWX Technologies all traded at record highs over the week. Source: FT
While silver is at a 12-year high, it remains one of the most undervalued metals in history compared to gold—the gold-to-silver ratio is still at 83!
Could this mean that the rally has further to go? Source: Tavi Costa, Crescat Capital, Bloomberg
Gold hits a new all-time high 👇
Source: Barchart
BREAKING: GOLD NOW MAKES UP A RECORD 31.5% OF RUSSIA'S TOTAL RESERVES.
Source: Make Gold great again on X
The gold / silver ratio is 83.5.
Since 1968, this ratio has spent only 10% of the time above current levels. Sometimes switching to silver didn't work (look at 1990). But in 1995, 2003, 2008 and 2018, switching paid off.
Despite silver prices being close to their highest levels in 13 years, the production from the world's two largest producers of the metal has barely changed.
Silver production is still at the SAME level it was back in 2010. This clearly reflects how constrained new supply remains. According to Tavi Costa, this is likely to continue given the limited capital being invested in developing new mines. Source. Bloomberg, Crescat Capital
😱 The shocking chart of the day: Too many goldilongs?😱
Momentum in gold remains powerful, but you are not alone being bullish gold here... The chart below shows CFTC net long minus short position in futures for the Managed Money category. Source: The Market Ear, JPM
