Commodity Scoreboard: Uranium and Silver Led the Way in Q1 [Chart]

Uranium quietly led the pack in Q1 with an impressive 11.6% gain. It is trading close to the $40 per pound level, which is a sizable increase from the $30 level it was trading at last summer. JPMorgan sees the price averaging $42 this year, and moving to a spot price of $50 in 2016. On the precious metals front, the gold/silver ratio fell to a low of 70 near the end of March, with silver up 5.7% on Q1 in total. Recent movement has brought this back to closer to the 73 level.

Gold had finished flat in the quarter in USD, but as many market commentators have noted, it is actually appreciating in value versus the majority of currencies. It is the relative strength of the USD that is concealing this stealth bull market in the yellow metal.

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