As demand for critical materials accelerates, can recycling keep pace? Justin Tolman examines the recycling outlook for copper, lithium, rare earths, silver and other essential materials, explaining why recycling will play an increasingly important role in strengthening supply chains, but why new mining will remain indispensable to meeting future demand.

Despite recent weakness in uranium equities, the sector's underlying fundamentals continue to strengthen. Rising long-term uranium prices, improving policy support and persistent supply constraints reinforce the long-term investment case as governments increasingly turn to nuclear power to meet energy security, electrification and decarbonization objectives.

Uranium enters 2026 with renewed momentum as spot prices move back above $100/lb, mining equities reprice materially, and utility demand re-emerges following prolonged under-contracting. Strengthening U.S. policy support and tightening supply conditions reinforce the case for higher incentive pricing and potential upside across physical uranium and mining equities.

What are the 10 most important themes impacting global markets in 2026? We explore issues from deglobalization and fiscal dominance to the surge in gold, silver and critical materials, and provide our view of where opportunities and risks may be emerging.

Metals delivered standout performance in 2025, led by exceptional gains across the precious metals complex. Gold surged 64.58%, reaffirming its role as a core portfolio diversifier, while silver soared 147.95% and platinum climbed 127.04%, outperforming traditional asset classes significantly. Palladium added to the strength with a 77.51% gain, underscoring broad-based momentum across precious metals.