Miners Just Repriced
Natural resource equities have sold off notably since their late-August peak. Miner index performance since then: uranium -20%, gold -15%, silver -14%, copper -10%*.
Those moves look interesting when compared against the metals themselves over the same period: silver -13%, gold -9%, copper -3%, uranium -1%.
Gold equities have held up reasonably well given the derating in the metal. Neither gold nor silver miners had ever fully caught up with their respective spot prices, which provided a partial buffer on the way down. Gold stocks and silver stocks moved broadly in line with their respective metals, not with a beta of 2x.
Uranium equities are the clear outlier on the downside. A 20% correction in uranium equities against a 1% move in the spot price is a meaningful derate. But it makes sense: they were already discounting spot, making them the priciest of the four subsectors going in.
Copper equities have also underperformed their metal, down 10% against copper down only 3%.
The result across all four sectors is the same: equities are now discounting commodity prices at a reasonable discount to spot, and in the case of uranium and copper below the incentive price. The pattern across our coverage universe is shown below.
The gap is visible across all four sectors. Copper miners show the widest dislocation versus spot, though their metal is also the most sensitive to global growth. Uranium equities have done most of the correcting: they went in as the priciest of the four versus spot, but the gap has closed.
The macro backdrop
Soaring yields are a genuine headwind for risk assets broadly and natural resources are not immune.
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*Prices as at 30 September 2026.