(Kitco News) - Uncertainty surrounding potential tariffs and shifting global monetary policy are creating both risks and opportunities in the metals markets, according to John Ciampaglia, CEO of Sprott Asset Management.
Speaking at the 2025 BMO Global Metals, Mining & Critical Minerals Conference, Ciampaglia noted the disruptive impact of potential tariffs on gold, silver, uranium, and copper, as the U.S. is a net importer of these metals.
"If you're going to tariff those things, how is it going to lead to price formation? Are you going to have bifurcated prices?" Ciampaglia questioned.
He pointed out that the U.S. is already seeing price differences for uranium and copper compared to other parts of the world, leading to arbitrage as metal is shipped to take advantage of higher U.S. prices.
This situation is creating "a lot of volatility" and "some uncertainty."
Ciampaglia also pointed to the renewed interest in physical gold, fueled by central bank buying and a potential return of Western investors.
He added that central banks are not only buying more gold but also "repatriating gold from the United States, from the UK, back to their central banks."
He views this as "gold reasserting itself as a monetary metal." While Western investors were primarily indifferent to gold last year, Ciampaglia noted a recent flip to "net buyers of gold through the ETFs."
Regarding speculation surrounding U.S. gold inventories at Fort Knox and the possibility of a new gold standard, Ciampaglia suggested that the more critical question is not just its presence but "Who has the title of the gold?"
He raised concerns about how much of that gold might have been leased, swapped, or pledged.
Despite the speculation, Ciampaglia observed a strong upward trajectory for gold prices, noting, "It's been creeping up to $2,900. Doesn't seem like it wants to slow down."
However, investors remain cautious despite higher metal prices. Ciampaglia attributed this to "scar tissue from the last cycle."
Yet, he sees a positive shift with better cost control and improved performance from some miners. "If that plays out, you could definitely see a catch-up trade here, and you can start to see capital moving back into these gold stocks," Ciampaglia said.
Ciampaglia also highlighted Sprott's launch of new ETF products, including Sprott Active Gold & Silver Miners ETF with the ticker GBUG.
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