Weekend Reading
The Current Push for Nuclear Energy
The United States is in the midst of a nuclear renaissance, backed by sweeping regulatory reforms and new federal priorities under President Trump’s administration. The ADVANCE Act, implemented in July 2024 and accelerated this year, has mandated streamlined licensing, reduced fees, and fast-tracked siting for advanced reactor deployments, including microreactors for military and remote use, and modular projects at former fossil fuel sites. TerraPower’s Natrium reactor received state approval in Wyoming and plans to be operational by 2030, while Oklo’s microreactors have secured Air Force contracts in Alaska, with new international partnerships bringing billions in fresh investment. The U.S. Department of Defense also launched its “Janus Program,” aiming for full oversight and technical support across the uranium fuel cycle, ensuring energy resilience and national security.
A critical subtext is the widening gap in domestic uranium supply, flagged by the Energy Information Administration, which warns that U.S. reactors increasingly need advanced fabrication and enriched uranium to meet future demand. Recent deals, including Oklo’s $2 billion funding and new foreign partnerships, suggest strong momentum in developing an American-centric nuclear fuel and supply chain. These efforts could fundamentally reshape the grid, support national laboratories and defense installations, and accelerate the transition to a lower-carbon, resilient energy system.
The Continued Rise of Gold, Silver, and Platinum
Precious metals have continued their blistering rally into October. Gold closed on October 17 at $4,368/oz, up 25% in just two months and nearly 75% higher than its 200-week moving average, a technical level suggesting caution for short-term traders, but continued bullishness long-term. Silver hit $54.31/oz, with a gain of 2.3% on the day and over 20% year-to-date, while platinum surged to $1,607.70/oz, rising 15% in the last month and 58% over the same period last year. Analysts now warn of a potential “blow-off top,” as gold approaches a forecasted short-term resistance near $4,400-$4,600 before any pullback, and silver eyes the $60/oz mark. Platinum’s volatility remains heightened, tracking broader industrial demand and speculative flows; projections call for continued gains with prices possibly reaching $1,800 by late 2026.
The drivers of these moves include central bank buying, persistent inflation above target rates, and a flight to safe havens amid trade uncertainty and global fiscal stimulus. While technical signals point to a high likelihood of near-term corrections similar to historic bull market peaks, consensus remains strongly positive for precious metals through 2030, barring a major macro reversal.
Macro Topic: Trade Uncertainty and Policy Shifts
Macroeconomic conditions in Q4 2025 are defined by extraordinary uncertainty thanks to aggressive U.S. tariff hikes, volatile trading relationships, and pro-cyclical policy stimulus amid stubborn inflation. The latest IMF World Economic Outlook notes effective U.S. tariffs climbing to their highest levels in a century, driving fluctuating global growth but not yet sparking broad-based recession. Investment growth, previously buoyed by generative AI and data center development, appears set for a sharp correction as trade policy uncertainty and delayed effects of tighter monetary conditions weigh on business sentiment. Globally, fiscal policy remains loose—most major economies are stimulating even as their unemployment rates sit near multi-decade lows, risking stagflation if trade shocks deepen.
Investors should expect heightened volatility and non-linear market reactions as tariffs, supply chain reconfigurations, and evolving monetary policy continue to test confidence and capital flows. The end of the “soft landing” narrative is in sight, with displaced investment and persistent inflation potentially reshaping leadership in major asset classes—especially those tied to energy, metals, and technology.