As Natural Resource Investors, our goal is to keep you updated on the latest developments in the commodities and natural resources sectors, empowering you to make well-informed investment decisions.
In 2024, much of our research focused on the intersection of "Geopolitics, War, and Commodities." With thousands of subscribers receiving our weekly updates and even more casually following our blog, we’ve had the privilege of sharing insights that resonate with many. So, which insights stood out the most? Let’s take a look back at the three most popular blog posts of 2024.
The Norwegian Illusion
Starting mid-point last decade, the investment community became convinced EV adoption would quickly surge. EV penetrations would become so great that global oil consumption would imminently peak, or so consensus opinion widely believed. 2019 was repeatedly referenced as the year that oil demand would peak and then decline. In retrospect, these concerns were misplaced. Despite the massive COVID-19 disruption, oil demand in 2024 should reach 103 m b/d – 2.3 m b/d greater than 2019. Undeterred by the surprising surge in demand, many analysts remain convinced that “peak oil demand” is still imminent. The investment community’s belief that EVs will displace the internal combustion engine remains as strong as ever. We vigorously disagree.
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Uranium Markets: A Drama in the Making
Mark your calendars: August 23rd promises to be a pivotal day. That's when Kazatomprom, the world's leading uranium producer, will announce its half-year financial results and, more crucially, offer guidance for its 2025 production plans. This announcement is set to reverberate through the uranium markets, given Kazatomprom's considerable influence. In 2022, Kazatomprom produced just under 55 million pounds of uranium - almost 45% of the world's supply.
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Gold Stocks Have Never Been Cheaper
As we write, gold has surged past the $2,500 mark for the first time in history, an event that would seem to herald a golden age for gold stocks. Yet paradoxically, these stocks have seldom been cheaper. What underlies this dissonance, and what might it portend for the future?
Before delving into these questions, it’s instructive to reflect on the historical backdrop. The last great bull market in gold spanned from 1999 to 2011, during which the price of gold soared from $252 to $1,900 per ounce, an eightfold increase.
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