Uranium boosted by Microsoft-related moves, LNG demand to lift in 2025, and US Fed and job news affects gold prices.
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Uranium
Bullish
- Constellation’s Three Mile Island nuclear plant will be revived solely to supply Microsoft Corp. Microsoft’s deal to buy nuclear energy from Constellation Energy’s Three Mile Island power plant is a boost for the entire nuclear supply chain -- and provides a much-needed lift for uranium miners.1
Bearish
- US uranium production continues to grow, with 2024's year-to-date production already more than triple that recorded for the whole of 2023, according to the latest figures from the US Energy Information Administration (EIA).2
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Gas
Bullish
- Global demand for natural gas will hit an all-time high next year as competition for seaborne fuel intensifies between Asia and Europe, according to the International Energy Agency.3
Bearish
- European gas storage was 94% full on 1 October versus the 5-yr seasonal norm of 90% for this time of year.4
Explore gas with BCOM.
Gold
Bullish
- Expectations the US Federal Reserve will implement rate cuts in 2024 may keep gold appealing compared to interest-bearing assets.5
Bearish
- Strong US jobs data could signal a robust economy, reducing gold's appeal as an investment.6
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Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 08/10/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.
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This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.