Back after a break, and plenty has moved in our favour while we were out. On uranium, spot has reached $90/lb as post-summer seasonality turned, helped by news of a delay to Kazatomprom’s sulphuric acid plant that strengthens the case for lower production next year. On gold, a wild run of around $600/oz since the start of the month further bolstered by the US Treasury’s bond buyback announcement, the bounce vindicating the call we made at the summer lows, though equities now look overbought. We will update on both in the coming reports. First, gas.
We have been long TTF since the start of the Iran crisis and have argued the case repeatedly since. The trade is playing out.
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