“Supply and Demand”: 1; “Buy the Rumor, Sell the News”: 0

Buy the rumor and sell the news. The S&P 500 Index eked out its 10th positive close last week out of the last 11.

Friday’s excitement over the SpaceX IPO, and a short squeeze on Thursday and Friday, was abetted by yet another wave of optimism around a U.S.-Iran peace deal.

As of Sunday evening, the deal extends the ceasefire between U.S. and Iran for 60 days, begins a new 60-day negotiation period for technical discussions around Iran’s nuclear program and removes the U.S. Naval blockade to reopen the Strait of Hormuz.

It’s too soon to tell if this deal is going to stick. The market has been teased with a deal 38 times since the conflict began.

Over the weekend, oil traded down to $74 a barrel. There are more than 500 large crude carriers in the Gulf. Shipping analysts expect it will take months to fully restore the global shipping markets following this massive disruption.

While the deal potentially plays out, we continue to find different opportunities elsewhere in the Great Race for resources.

Here’s one: There’s a massive bull market underway in uranium:

Uranium prices have been trending steadily higher for a decade, up 160% since 2020. (Source: RR2 Capital)

Commodity bull markets are immune to the wild speculation we have seen in semiconductor stocks over the past three months. With a bull market in resources, what you see is what you get.

While uranium prices are up fourfold over the last decade and 150% decade to date, there’s more room to run. Bullish sentiment for new nuclear projects is strong, given their role in the industrial buildout of the AI intelligence economy.

The kicker: The biggest returns in a bull run typically come near the top. So you still have time to get in at a good price. Today, we’ll highlight an up-and-coming uranium producer with more room to run than the industry’s biggest players.

Today’s Grey Swan Pro covers a mid-cap producer, largely based in the U.S., which can see a larger percentage return than the big players amid a multiyear bull run for uranium — details here.

~ Addison

P.S. If you missed last week’s Grey Swan Live!, be sure to catch the replay with Adam O’Dell: What Comes After SpaceX?

The IPO may dominate headlines, but the larger story involves where capital flows next. Adam explores the AI buildout, energy bottlenecks, hard assets, infrastructure spending and the next phase of The Great Race as investors search for opportunities beyond the most anticipated public offering in history.

Buy the rumor and sell the news. The S&P 500 Index eked out its 10th positive close last week out of the last 11.

Friday’s excitement over the SpaceX IPO, and a short squeeze on Thursday and Friday, was abetted by yet another wave of optimism around a U.S.-Iran peace deal.

While the deal potentially plays out, we continue to find different opportunities elsewhere in the Great Race for resources.

Here’s one: There’s a massive bull market underway in uranium:

Uranium prices have been trending steadily higher for a decade, up 160% since 2020. (Source: RR2 Capital)

Commodity bull markets are immune to the wild speculation we have seen in semiconductor stocks over the past three months. With a bull market in resources, what you see is what you get.

Today’s Grey Swan Pro covers a mid-cap producer, largely based in the U.S., which can see a larger percentage return than the big players amid a multiyear bull run for uranium — details here.

~ Addison

P.S. If you missed last week’s Grey Swan Live!, be sure to catch the replay with Adam O’Dell: What Comes After SpaceX?

Debts and deficits will eventually cause a crisis. Treasury Secretary Scott Bessent’s effort to help bail out the Japanese Yen this week is entirely motivated by self-preservation. The contagion signal flashing in Japanese bonds since late ‘25 is infecting the BOJ, which may be forced to sell U.S. Treasurys to stabilize its own currency.

The copper price is no doubt benefiting from inflation driven by money printing. But the doc don’t lie. Copper’s new all-time highs, while gold and silver still languish, are a sign the AI growth story is also that of the global economy itself.

Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

The stock market is getting an unexpected boost to kick off August, bucking the historically weak summer session for the U.S. stock market.

What’s happening? The Bank of Japan and the U.S. Treasury are making a coordinated effort to support Japanese yen; a move last attempted nearly 30 years in the height of the Asian Financial contagion (1998).

Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

The stock market is getting an unexpected boost to kick off August, bucking the historically weak summer session for the U.S. stock market.