What you need to know: • The precious metals markets were down in September, alongside a pullback across broader markets. Commodities and battery metals held in relatively flat. • The price of uranium has surged over the last month. We revisit our bullish view on the uranium market from our thematic research note. • Deteriorating economic data leads us to believe we are approaching a long-awaited pivot after both the BoC and the Fed held rates in September. Sentiment Update Commodity prices remained relatively flat through the month of September, following another flat month in August. However, precious metals fell with gold down 4.8% to $1845.5/oz and silver down 8.3% to $22.0/oz. The mining equities followed the declining precious metals prices with the GDX, GDXJ, and SIL down 8.0%, 10.4%, and 9.8%, respectively. These declines outpaced broader markets which also had a substantial down-month with the TSX and S&P500 being down 3.7% and 4.9%, respectively. The battery metals space continues to be mixed with lithium down another 18% in September (down 23% in August), while cobalt, nickel, zinc, and tin were mixed-to-flat. Uranium had a breakout month up 20% to $70.0/lb bringing its gains to 42% on the year. This is on the back of demand surging as countries like China, India, and Russia pursue more nuclear programs to meet their increasing energy needs. Find our bullish outlook and commentary on the uranium space in our thematic research note “Uranium: Asymmetry at its Finest”.