Here’s One Commodity That Could Primed For Triple-Digit Gains In 2024

Another day and another Commodity skyrockets to fresh record highs. That’s one of the most lucrative trends of the current Commodities Supercycle, that we find ourselves in right now!

A long list of the world’s most powerful Wall Street banks have described the current economic climate as “The Golden Age of Trading”.

This comes as no surprise, given today’s highly macro-driven backdrop is fuelling one of the greatest wealth creation opportunities the world has ever seen.

Uranium’s 2024 Rally: Fuelling the Third Bull Market in Nuclear Energy

There’s one Commodity that’s seen a phenomenal gain in prices already this year.

And that’s Uranium.

Uranium’s “third bull market” is off to a red-hot start in 2024 with spot prices skyrocketing above $106 per pound to hit their highest level in 17 years. That’s more than a 100% increase from their 2023 low. It is also a whopping gain of over 350% from their 2020 low.

Uranium was among the best-performing asset classes in 2023 and that trend is set to continue throughout 2024.

The surge in Uranium prices is strong correlated to rapidly rising demand for Nuclear Energy, recognized for its cleanliness, reliability and cost-effectiveness.

The Nuclear Energy revival has been dominating headlines since December following a landmark declaration at the COP28 Climate Meeting to reshape the global energy landscape.

Twenty-two countries vowed at COP28 to triple their use of Nuclear energy in a coordinated effort to achieve global net-zero greenhouse gas emissions by 2050. Additionally, a further 175 nations gave their approval to Nuclear by agreeing to triple their use of renewables by 2030 and phase out Fossil Fuels.

As demand surges and the world needs more Uranium and lots of it fast – there’s one big problem! Global supply is shrinking at a record pace off the back of a “triple deficit” – low inventories, low spare capacity and low investment.

Right now, conclusive evidence shows there is not enough supply to handle upcoming global demand.

But that’s only part of the problem. Once you find a Uranium deposit, it can take up to 15 years to start mining it.

All of this means one thing – the Uranium market is only getting hotter and continued tightness will inevitability push prices a lot higher from current levels.

During, Uranium’s previous record-setting bull market – yellowcake prices tallied up a spectacular gain of 1800% over a 7-year stretch.

If history is a guide, then by the time this current bull run is over, we could see Uranium prices not only reach new all-time highs, but soar way beyond them!

Commodity Price Forecast

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: