Copper and Uranium: The Coming Divergence
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Leigh R. Goehring & Adam A. Rozencwajg
In 2016, copper was a contrarian bet at $2.10 per pound. In 2018, uranium languished at $17 per pound. Both metals have since soared, with copper prices climbing nearly 150% and uranium rising over 300%. The fundamental drivers we identified years ago have played out, and today, both metals are investor favorites.
But what happens next?
The bullish case for copper hinges on renewable energy demand—solar panels, wind turbines, and EVs. Yet, as optimism reaches fever pitch, our research raises a critical question: will renewables deliver on their lofty promises, or has the copper narrative been built on flawed assumptions?
Meanwhile, uranium stands at the dawn of a technological revolution. The advent of molten-salt small modular reactors (SMRs) could double nuclear power’s efficiency and redefine its safety standards, paving the way for an unprecedented energy shift.
The choice is clear: copper or uranium?
In our latest commentary, Copper and Uranium: The Coming Divergence, we examine why the energy efficiency of renewables may cap copper’s potential while uranium emerges as the decade’s true disruptor. From the failure of oceanliners against jets to the decline of supersonic flight, history provides powerful lessons in how efficiency shapes markets—and investment opportunities.
Which metal will define the energy future? The answer might surprise you.
Don’t miss this essential analysis from Goehring& Rozencwajg.
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