Gerardo Del Real,
Editor
July 1, 2026
“Inflation risks have come down,” says Kevin Warsh, the new Fed Chair.
You know the rest.
Gold is back above $4,000 and making another run at $4,100 per ounce. Silver is up 3% and over $60/oz again, volatility is down, the 10-year is back below the ever-important 4.50% level, and the dollar index is still above 101.
Copper is back above $6.00/lb… and lithium prices look primed for the next leg up.
Uranium prices are moving higher on news that Orano has shut down the world’s largest uranium mill at McClean Lake, Cameco has shut down the world’s largest uranium mine at Cigar Lake — though that’s expected to only last a couple of weeks — and Lotus shut down its Kayelekera uranium mine in Malawi last week.
All three shutdowns are due to sulfuric acid shortages.
Mining isn’t easy. That’s why those that discover the stuff the world needs will continue to be richly rewarded for those discoveries.
Sentiment in the gold miners is at historic lows with valuations that seem to price in $2,000 gold — not $4,000 gold. That’s the stuff that makes my contrarian heart smile and indicates to me that, if this isn’t the bottom, it’s damn close.
Despite the summer doldrums, the back and forth in the Middle East, and a Bizarro World that seems to get more bizarre by the day, I continue to position for what I think will be another great second half of the year.
Remember last year? The run that sent metals to new all-time highs?
Today, it looks like a similar setup, yet from a higher base. A lot of people forget that it was just this past January when portfolios were beaming with new highs alongside the metals.
I expect a repeat of that by year-end as retail buyers in the precious metals space and the junior resource space seem exhausted — a classic sign of a bottom.
I’ll be in Florida all next week at the Rule Symposium on Natural Resource Investing taking a pulse-check and vetting new ideas. Hope to see you there.
It’s been a quiet summer thus far. Enjoy your Fourth of July celebrations. Happy Canada Day to my Canadian friends.
Then get ready for a busy and profitable second half of the year.
Let's get it,
Gerardo Del Real
Editor, Bizarro World