Dr. Nomi Prins: The Greatest Opportunities in Resources, Right Now | Silver, Uranium & Oil

Stijn Schmitz welcomes Dr. Nomi Prins to the show. Dr. Nomi Prins is Founder of Prinsights Global and Substack. The discussion opened with Dr. Prins identifying the most significant investment opportunities in a market she sees as distorted by exaggerated paper selling. She argued that silver presents the greatest potential due to a historic disconnect between its heavily traded paper price and a persistent six-year physical supply deficit. Despite price volatility driven by algorithmic and ETF trading, demand for physical ounces from industry, particularly from Asia for solar applications, remains insatiable. Pure-play silver miners, which remain highly profitable even at current price levels, are therefore positioned as attractive opportunities. The conversation shifted to uranium, where a different dynamic prevails. Uranium prices have held a new, high platform level due to utility companies securing long-term contracts well above the spot price, a sector lacking a significant futures market. Consequently, uranium miners have underperformed the commodity itself, creating a clear re-rating opportunity for stocks. For gold, Dr. Prins highlighted that its bull case is supported by sustained central bank buying, particularly in Asia and the Middle East, as nations seek independence from dollar-based monetary policy. She noted that over the long term, gold has significantly outperformed inflation, purchasing power, and treasuries. With major producers sitting on large cash reserves and facing their own supply constraints, well-managed junior developers in favorable jurisdictions with high-grade assets are becoming prime targets for acquisition, offering significant upside. On the oil and gas sector, Dr. Prins observed that markets have normalized to a stable trading range after war-related spikes. This stability, combined with the ongoing need to replenish depleted strategic petroleum reserves globally, supports current price levels. She pointed to specific opportunities in regions like South America, where companies are producing the right grade of crude, often offering high dividends to supply U.S. refineries historically reliant on heavier oil. Her firm’s strategy focuses on identifying these macro-driven distortions and vetting junior companies through rigorous analysis of management and jurisdictional stability.