Uranium may make a comeback, but the thing to really watch with that is Kazakhstan. On the supply side, Kazakhstan came out of nowhere. They are the ones responsible for the lousy uranium price. They’ve been phenomenally successful with their in-situ leaching. It’s been done in a way that would never be allowed in the United States, even if the EPA is abolished. And this is coming home to roost for them, so I don’t think Kazakhstan’s supply is sustainable.
People just focus on the fact that Western mines have depleted and new ones are not coming on-stream to replace them. And, of course, zinc tracks the macroeconomic trend. But the wild card here is China’s ability to continue its 40% supply of global zinc production. And Chinese zinc supply comes from many small, inefficient, dirty, polluting mines. Many of them probably reaching their own depletion limits anyways. So, if we get a drop in Chinese output, then we will get the price of zinc maybe hitting two dollars and perhaps staying there for a lot longer than it should, because it’s going to take a long time to bring new supply on-stream.
Cobalt is the next bubble metal according to Kaiser