Ryan Stancil,
Editor
Nov. 2, 2026
Commodity Callout
Uranium continues to be the one commodity making a return for its investors.
Metal Price Update
Gold — Gold has broken down, falling to around $3900 per ounce after staying near $4100 earlier in the week. It was a victim of the broad selloff in the tech sector and higher oil prices amid new violence in Iran. Now traders will be watching to see where the floor might be.
Silver — Silver suffered as well starting the week around $54 per ounce and ending around $49. Like gold, traders will be watching closely to see how far it drops.
Copper — Copper has been known for its resilience in recent months, but even it couldn’t escape the washout. It dropped from around $6.70 per pound to around $6.50. Its drop wasn’t as pronounced as gold and silver, and that may inspire some confidence in continuing to buy it.
Lithium Carbonate — Lithium continued to slide, ending the week just above $14,000 per tonne. This isn’t surprising considering the broader pullback, so traders will be watching to see where lithium’s floor could be.
Uranium — Uranium continues to be the lone bright spot in a dark commodities market. Its price moved up slightly over the week, starting around $90 per pound and stopping around $92.50. Whatever else happens, uranium demand isn’t going to wane and governments and utilities are going to spend whatever they need to secure their share of it.
Company Callout
North Shore Uranium (TSX-V: NSU)(OTC: NSURF) is one name you want to add to your portfolio if it isn’t already there. If it is, add more whenever you’re able. Uranium’s resilience continues to illustrate why it’s important to invest in an explorer and few are better prospects than North Shore.
Its market cap is only C$14 million, and its historical resource estimate of over 11 million pounds is based on drilling conducted roughly 50 years ago. The deposit remains undeveloped after low uranium prices stalled the original mining plans. That could change with the renewed focus on nuclear power and the US government's commitment to establishing energy independence.
Blake Steele, an experienced metals and mining industry executive, brings his expertise to the company. He previously played a key role in developing Azarga Uranium, which was eventually bought out by EnCore Energy. He could repeat that success here, especially as recent drill results continue to demonstrate the potential of the company’s uranium assets.
Nick recently spoke with Blake at the New Orleans Investment Conference and continues to hold the company in the Underground Alpha portfolio.
If you want to learn more about the company and Nick’s investment guidance for it, you can do that by clicking here.
Keep your eyes open,
Ryan Stancil
Editor, Resource Stock Digest