Monthly Portfolio Review, May 2025
Winners are piling up
The US just ended uranium’s year-long correction by making nuclear power a national priority:
Trump Nuclear Power Update as New Order May Bring Back Cold War-Era Act
For an example of how that speeds up permitting:
US approves Utah uranium mine after two-week environmental review
Uranium’s spot price responded to the improved regulatory environment by resuming its uptrend, while uranium mining stocks popped on the news (see below).
Gold, meanwhile, held above $3,000/oz for another month, enabling the gold miners to keep generating massive free cash flow (see below).
Sector and Macro News
Is a Gold Market Shock Brewing? ECB Quietly Flags €1 Trillion in Derivatives Risk
Merz says Germany, France, U.K., and U.S. have lifted range limits for weapons sent to Ukraine
Deficits hasten fiscal death spiral
April home sales dropped to the slowest pace for that month since 2009
Germany Shifts Stance on Nuclear Power in EU Policy
Purchase limits have tightened on Costco gold bars as popularity boomed
Gold Fields to buy Gold Road in $2.4B deal
Basel III Makes It Official: Gold Is Money Again
13 workers kidnapped from a Peruvian gold mine are found dead
Q1 gold demand soars to highest since 2016: WGC
Uranium supply risk trumps demand concerns: Cameco CEO
Billionaire Ray Dalio makes a $319 million bet on gold in Q1
How to use gold and other hard assets to hedge against inflation
New Florida law recognizes gold and silver as legal tender