Gerardo Del Real,
Editor
Aug. 12, 2026
The bottom is in.
I’ve said for the last several weeks that I thought mid-August would bring an uptick in the juniors and an uptick in metals prices. The bottom line is that’s exactly what we’re getting right now.
Gold is sitting right around the $4,480 level after defending that $4,000/oz level very, very forcefully over the past month or two. I believe the bottom in gold is absolutely in.
Same for silver, which is back in bullish mode and sitting right around the $65/oz level.
Copper is making new all-time highs, currently sitting around $6.60/lb on the spot price.
Uranium is starting to move, too. We’re seeing the spot price move higher, which, coincidentally, is the price we should care about least. We should be focusing on the long-term contracting price that utilities actually pay.
But look, the spot price is a psychological benchmark that people like to see moving higher. I firmly believe that over the next several months we’re going to see uranium back in triple digits. It’s currently sitting right around the $87/lb level.
Across the portfolio, we’re seeing juniors up 20%, 30%, even 50% over the past month. Volume is starting to pick up, and news flow is starting to coincide with that increase in volume.
Why now? Pick your narrative.
- The U.S. intervening in Japan’s bond market
- A CPI number today that provides cover for Kevin to not hike in September
- A dollar index below 100
Whatever narrative most aligns with your way of seeing it, there are irrefutable facts.
The debt levels are unsustainable, and we’re doing the opposite of addressing them. We’re actually adding to them. Aggressively.
The other irrefutable fact is that for years there has been massive underinvestment in securing the metals of today and the metals of the future.
Gold, silver, copper, uranium, lithium, anything ending in “yum” or “ium” (that’s a rare earths joke). We’ve had our lunch eaten by China for a very long time.
And yes, we are finally starting to do something about it. Miners went to Washington last week and tossed around magnets, and the President agreed to provide over $3 billion in a variety of incentives — both to educate a mining workforce that hasn’t been spoken to in a meaningful way for some time and to help companies accelerate production of the metals we need.
That’s a good thing but a small step.
Even Washington knows the structural deficits are here to stay for years.
We may not like the reasons we have a bull market in metals but we have one. The bottom is in. Get positioned with Junior Resource Monthly and Junior Resource Speculator.
Let's get it,
Gerardo Del Real
Editor, Bizarro World