Commodity stocks are on the run… and traders have the Treasury to thank.

Last week, Treasury Secretary Scott Bessent announced plans to at least double its purchases of long-dated government bonds. 

It’s not technically quantitative easing, but it’s not far off. The move will effectively support bond prices, suppress yields, and weaken the dollar.

It also signals the Trump Administration (and possibly the Federal Reserve) will do whatever it takes to support the bond and equity markets. 

This is hugely bullish for hard assets. The tape doesn’t lie…

Last week, the SPDR Gold Shares (GLD) rallied 5% on the announcement. GLD also broke a downtrend that’s been in place since February as a result. That suggests gold could be headed even higher from here. 

Gold miners also caught a strong bid.

The VanEck Gold Miners ETF (GDX) climbed 14% higher last week, while the leaders did even better. Newmont Corporation (NEM) finished the week up 12%, while AngloGold Ashanti PLC (AU) gained 26%. 

Copper names got in on the fun as well. The Global X Copper Miners ETF (COPX) gained 10% last week. It too broke a multi-month downtrend in the process. 

There’s a good chance that powerful move continues. The chart below shows the recent action in the State Street Materials Select Sector SPDR ETF (XLB). 

We can see that XLB is just starting to climb out of a large base. A breakout by XLB would further confirm the strength we’re seeing in industry ETFs like GDX and COPX. 

I’m very bullish on precious metals and copper stocks. But there’s another commodity that I also really like right now, and that’s uranium.

Last week, the Global X Uranium ETF (URA) gained 2.5%.

That pales in comparison to the moves we saw in gold and copper stocks. But we’re seeing some solid follow through this week. Yesterday, URA gained 4.5%

We’re also starting to see leaders emerge within the space. Take a look at this chart. It shows the performance of Denison Mines Corp. (DNN). 

DNN just broke out of a multi-month downtrend. This is a very bullish development. So, consider picking up shares in uranium stocks on weakness.

DNN is my clear favorite, but I’m also a fan of the Sprott Uranium Miners ETF (URNM) and URA.

The charts are telling us that the commodity trade is getting stronger. So, I’ll be looking for opportunities in this part of the market.

In fact, I just added a new commodities trade to Express Trader yesterday. It’s one of the strongest critical-mineral stocks on my screen and a leader in the ongoing metals recovery.

I can’t share the ticker here, but Express Trader members got the full setup, including my buy instructions and the closing stop I’m using to manage risk.

If you’re not a member, you can upgrade here to get my current and future trades.

Justin Spittler Director of Trading, RiskHedge