Dr. Nomi Prins: Iran War, Uranium ‘Ultimate’ Beneficiary & Gold’s Continued Rise

Stijn Schmitz welcomes Dr. Nomi Prins to the show. Dr. Nomi Prins is Founder of Prinsights Global and Substack. The discussion opens with a broad assessment of global economic headwinds, including the ongoing blockage of the Strait of Hormuz and rising bond yields. Dr. Prins explains that even a hypothetical resolution to the strait crisis would not immediately ease supply backlogs, keeping oil prices elevated and contributing to persistent inflation. She notes a significant dislocation between struggling economic confidence and stock markets reaching all-time highs, fueled by large asset funds and cash waiting on the sidelines. The conversation shifts to the beneficiaries of supply disruptions, where Dr. Prins sees value in oil producers outside the Middle East, such as those in Colombia, which can bypass the strait. She then highlights uranium as a critical, underappreciated story, emphasizing that nuclear energy’s role in powering data centers and AI creates surging demand against a backdrop of severely constrained supply, with new mines taking up to 18 years to develop. This supply deficit, she argues, makes current uranium prices appear very low. Addressing inflation and central bank policy, Dr. Prins anticipates that while short-term rates will likely remain unchanged, the Federal Reserve may increase long-term bond purchases, effectively reawakening quantitative easing to manage debt servicing costs. She believes this will not significantly stimulate the broader economy but that real growth will come from hard assets and commodities like copper and silver, which are essential for electrification and in structural deficit. On gold, she remains bullish, citing its stability and the fact that central banks now hold it as their top reserve currency, viewing it as a long-term diversifier. She maintains a year-end gold price target of $6,000. The interview concludes with Dr. Prins pointing to significant investment opportunities in junior mining, particularly in copper, uranium, and rare earth elements, for investors who can look past current geopolitical volatility.