(Kitco News) - Precious metals markets are sending conflicting signals, but the founder of The Independent Speculator says investors ignoring the fundamentals behind uranium, platinum, and copper are making a mistake.
“This is not a normal setup,” Lobo Tiggre told Kitco News in a new interview Thursday, referring to deep supply-demand distortions in key commodity markets. “It’s not a slam dunk. It’s not a given. It’s not something that will for sure happen this year. But I think the setups in these metals are extremely bullish.”
Platinum prices have surged 54% year-to-date, outperforming gold (+28%), silver (+35%), and even Bitcoin (+30%), according to Bloomberg and CoinGecko. Still, investor participation has lagged.
“We’re told that platinum and palladium are these weak cousins in the precious metals space. But what do the charts say?” Tiggre said. “Actually, they say the opposite. Platinum has been leading gold and silver.”
He warned that a tightening supply picture in South Africa and uncertainty around Russian shipments could amplify the structural deficits that are already rising. “We see mines shutting down in South Africa, and people say, ‘Well, they were uneconomic.’ But that’s the kind of thing that matters,” he said. “It adds up.”
According to Johnson Matthey, global platinum demand is set to outpace supply by over 800,000 ounces this year, largely due to stronger automotive, industrial, and investment demand. The World Platinum Investment Council also projects sustained annual deficits through at least 2027.
On uranium, spot prices remain around $74.50/lb, off highs set earlier this year after Sprott Physical Uranium Trust triggered a price spike with $200 million in purchases.
“I still see this as a long-term story,” Tiggre said. “But the price is holding up. It hasn’t collapsed. It hasn’t gone back to $50 or $60. That tells me we’re in a new price regime.”
Even as the uranium thesis plays out slower than some had hoped, Tiggre said investor fatigue is likely the bigger hurdle, not fundamentals. “The contracting cycle is happening. It just hasn't been enough to move stocks more,” he said.
On copper, Trump’s 50% tariff is scheduled to hit August 1, throwing physical markets into chaos and creating arbitrage opportunities of up to $3,000 per ton. U.S. warehouse stocks are surging as imports flood New Orleans to capture the price differential.
“This can’t last. That arbitrage will close, and then what?” Tiggre asked. “There will be rerouting. There will be shifting around. There will be subsidies, all kinds of things. But the bottom line is that this is a real economic dislocation.”
While mainstream headlines often point to softening global demand or EV transition headwinds, Tiggre said supply threats remain underappreciated across the board.
“All the supply chain issues we’ve talked about haven’t gone away,” he said. “The dislocations are still there. And now you add geopolitics to the mix? You’re going to see volatility like you’ve never seen before in some of these metals.”
Asked what he’s watching most closely for the remainder of 2025, Tiggre said: “If I had to pick one, I think uranium has the biggest potential gain. But platinum might have the fastest move.”
He added that while mining equities haven’t uniformly underperformed, investors should stay selective. “We are seeing some inflows,” he acknowledged. “Some stocks are moving.”
But he cautioned against chasing narratives without fundamentals. “The best opportunities aren’t just in hot stories - they’re in companies that can actually deliver.”
Lobo Tiggre says “this metals setup is not normal” - and explains why uranium, platinum, and copper are flashing signals investors can’t ignore. From central banks buying directly from miners to platinum’s supply deficit, Tiggre lays out what’s next.