The overall commodities market (S&P GSCI) tanked -5.1% in Q1, weighed on by fossil fuels with oil and natural gas down -11.7% and -7.1% respectively. However, it was a different energy-related commodity that had the last laugh.
Uranium quietly led the pack in Q1 with an impressive 11.6% gain. It is trading close to the $40 per pound level, which is a sizable increase from the $30 level it was trading at last summer. JPMorgan sees the price averaging $42 this year, and moving to a spot price of $50 in 2016.
On the precious metals front, the gold/silver ratio fell to a low of 70 near the end of March, with silver up 5.7% on Q1 in total. Recent movement has brought this back to closer to the 73 level.
Odey Asset Management's Special Situations Fund was down 3.2% in March, compared to its benchmark, the MSCI World USD Index, which was up 3.3%. Through the end of March, the fund is up 8.7%, beating the benchmark's return of 4.9%. Q1 2021 hedge fund letters, conferences and more Odey's Special Situations Fund deploys arbitrage and Read More
Uranium And Silver Led The Way In Q1 [Chart]
Chart source: Visual Capitalist