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Nick Hodge – Shifting Macro Forces May Ignite A Blaze In Gold, Copper, Rare Earths, & Uranium Stocks

The KE Report Aug 7, 2026

Summary

A softer dollar below 100 with bond yields rolling over is giving gold, silver, and resource stocks a bid into fall.

Copper is Nick's favorite 2026 metal, with prices hitting new all-time highs above $6.70/lb on US-bound flows and tariff-driven positioning.

Pre-resource explorers without a defined resource routinely sell off 50-60% on mediocre drill results as the market anticipates upcoming dilution from capital raises.

Critical minerals need capital deployment and permitting fast-tracking rather than policy announcements — uranium's fourfold price rise barely moved US output.

Defense-grade heavy rare earths (specialty metals for magnets) drive Nick's investment thesis, with Energy Fuels (UUUU) and CoTec (CTH) as his top holdings.

Key points on Revival Gold

  • Nick reports Revival Gold announced roughly 450 gram-meter underground intercepts at its JAS deep target in Idaho, sending the stock up 10-20% on the day of the news.
  • He flags Revival Gold as a speculative holding in his portfolio that has been executing on its exploration plan.
  • He cites it as evidence that small explorers are getting rewarded now that the precious-metals bid is back and investor sentiment is improving.

Key points on San Lorenzo Gold Corp

  • Nick includes San Lorenzo Gold among juniors starting to have 'true exploration success' and on the verge of a positive, growing resource.

Nick Hodge's takeaways

  • Top takeaway Nick frames markets as a 'tinderbox' where a single news item or tweet can swing oil, rates, or the dollar, with the US bailing out Japan, the ongoing Middle East war, and Fed uncertainty all in play.
  • On gold, he expects a recovery if gold holds above $4,175-$4,200 and silver above $62, citing the dollar's pullback below 100 after the Fed stayed put as supportive.
  • On copper, he calls it his top metal for 2026 and now looks better than gold and silver, citing all-time-high copper prices (about $6.73/lb at the time of the interview), US stockpiling via COMEX, Shanghai drawdowns, and Koudelka production shortfalls.
  • On critical minerals, he argues executive orders and loan guarantees alone will not move the needle, and that what is needed is faster permitting and capital deployment into actual development and processing assets.

Mr. Corey Nolan's takeaways

  • Top takeaway Host Corey Nolan agrees with Nick that copper is their favorite sector right now and pushes back on the seasonality framing, attributing gold's positive month more to the dollar turn than to seasonality.
  • He also points to Q2 earnings season and a heavy drill-news flow into the Beaver Creek and Denver Gold Forum as potential catalysts for the sector.