Ryan Stancil,
Editor
Feb. 2, 2026
Commodity Callout
In a market that saw a reversal of fortunes for many commodities, uranium’s value climbed. The fundamentals behind it can’t be ignored, so that worth will keep going up.
A pick for the next Federal Reserve chairman strengthened the dollar, and gold and silver fell as a result. It’s important to note that both are still up massively from a year ago.
Metal Price Update
Gold — After a historic run, gold saw a reversal in its fortunes. It started around $5040 per ounce, got as high as almost $5600 and then fell all the way to $4700. The most likely explanation is there was a lot of profit taking happening. There could have also been some influence from Trump’s Fed chair pick, as the dollar strengthened against the news. Even so, gold is having one of the best runs of its existence and this presents a strong buying opportunity to take advantage of catalysts that still very much exist.
Silver — Silver saw similar movement. It started around $103 per ounce, got as high as $120 and went down to $78. Savvy investors are stockpiling, because the catalysts for higher prices are still in play.
Copper — Copper’s movements weren’t as dramatic. It started around $5.90 per pound, got as high as $6.50, and then ended around $5.80. Like gold and silver, the Fed chair pick and profit taking weighed on value. Like gold and silver, this is a buying opportunity.
Lithium Carbonate — Market sentiment on lithium, bringing the price down to around $23,000 per metric tone from a high of $26,000 last week. Even with those losses, lithium is still on a remarkable run and this could be a buying opportunity for anyone interested in the sector.
Uranium — While all eyes were on gold and silver, uranium took the time to shine. It started the week at around $86 per pound but news that the Sprott Physical Uranium Trust made a massive purchase of 500,000 pounds pushed the value past $100. Concerns of supply deficit are finally hitting the mainstream, so this could be just the start.
Company Callout
With uranium prices gaining ground, one company to consider for your portfolio is North Shore Uranium (TSX-V: NSU)(OTC: NSURF). The company is a developer in New Mexico and has recently signed an agreement to acquire the Rio Puerco uranium project, which comes with a historical resource estimate of 6.0 million tonnes at an average grade of 0.09% eU308 for 11.4 million pounds of U308.
Currently, the company has a small market cap of around $15 million, but its resource and seasoned leadership in this booming uranium market mean that number is due to climb sooner than later.
To add to that, the company’s preliminary view of the site’s historical data suggests potential for in situ recovery (ISU) mining, which is the lowest-cost production method. This only adds to its value and makes it a more attractive prospect for resource investors.
The company recently conducted a private placement, so the work toward verifying that historical data could begin in short order. More comprehensive drilling plans would follow.
The company is explored at length in the pages of Underground Alpha, where it has a buy-under price of $0.30. Its current price is right around there, so if you want a uranium name for the portfolio, you should act soon.
Learn more about the North Shore Uranium, its prospects, and its management team, by clicking here.
Keep your eyes open,
Ryan Stancil
Editor, Resource Stock Digest