Weekly Portfolio Update, December 3 2023
Did we just enter a precious metals bull market?
Last week’s big story was gold hitting a new all-time high:
Is this latest spike due to seasonality, falling interest rates, central bank buying, or all of the above? And is it another head fake or the start of the long-awaited run to $5000 and beyond? Only time will tell, but for now let’s enjoy the ride.
And don’t forget, silver is only about half its all-time high and about 1/80th the price of gold. If this is a legit precious metals bull market, another run to $50 will be easy.
Uranium hit yet another multi-year high ($81/lb!) despite the recent failure of a small modular reactor (SMR) project.
Copper was pulled out of its downtrend by the closure of Cobre Panama, a major copper mine:
