Oil Whiplash, Silver Surge, Uranium Ignites: The Next Commodity Wave

Commodities continue to be the main game in town.

Oil prices spiked on the prospect of Trump bombing Iran in response to the massacre of civilians during the protests.

I have to say my thoughts and prayers are with the people of Iran after such a horrifying ordeal.

The heat quickly came out of oil prices after it was clear Trump wasn’t ready to act on his threats.

It can be dangerous to allow geopolitical events like this to drive your trading.

So often, a sharp move will be reversed just as quickly. So it pays to remain sceptical and wait for further proof before acting.

Charlie and I have a look at oil prices after the spike and failure that occurred over the last few weeks.

Our conclusion is that it is too early to call a reversal in the fortunes of oil prices. US$59.00 remains an important line in the sand for Brent crude oil prices.

Below there, watch out.

But if prices can continue to consolidate above that level and start trending higher, we may have seen the worst of it.

With the rally in other commodities broadening to base metals, oil remains the weak standout that could be dragged higher if growth really is picking up in America.

We also touch on the incredible moves in silver.

On December 1, 2025, in Chart of the Day, when silver was trading at US$57, I said:

If the price of silver can’t hold at these lofty levels and falls back below US$50 in the short-term, we can become confident that a further correction in the silver price will unfold.

But until then you have to view this as a serious breakout that could see the silver price continue to move rapidly higher.

The price of silver was US$48 in 1980.

If you adjust for inflation, that is equivalent to US$188 in today’s money.

If we use the 2011 high of US$49 instead, we get to a current value of US$70.

So if this is a breakout, we could be surprised by just how high silver goes.

With silver trading at US$90 six weeks later, I reckon I was on the money.

But as far as predicting what comes next, I reckon it is almost impossible to know whether we are near the end of the explosive move or in the middle.

Are we witnessing a panicked short position exiting, or is there a major buyer, such as China, building a position?

Silver has underperformed gold for a long time, so you could see this move as just a catch-up to gold’s massive run.

Perhaps silver is once again seen as poor man’s gold.

A commodity that I think is still in the early stages of its rally is uranium.

The breakout in spot prices above US82/lb is important because it confirms that the correction of the last couple of years is dead.

We are now in another primary up-wave in the bull market that started in 2016.

There is a good chance we will see uranium prices heading towards US$100/lb rapidly now.

We finish off today by having a look at a little gold stock that was suggested by a viewer.

It is a bumper issue today, being the first catch-up in the studio for 2026, so dive in and let us know in the YouTube comments if you have a stock you want us to look at.