Reddit investors bet uranium will go nuclear
Prices of uranium and companies that mine the radioactive element are surging as Reddit investors place bets that nuclear power could be the next big clean energy source.
Uranium, which does not trade on public markets, reached a nine-year high on 15 September at $48 per pound, up $5 or 11.6%, in just two days, according to S&P.
The price increase in the commodity itself was driven by Sprott Physical Uranium Trust, a Toronto-listed exchange-traded fund (ETF) that gives investors direct exposure to the metal. The fund bought 850,000 pounds of nuclear fuel last week, 1.4 million pounds the week before that and holds more than 26 million pounds since launching in July, reported Fortune.All that buying added around 3% to global demand, according to analysts at Bank of America . Reddit run Reddit users that backed shares of GameStop and AMC Entertainment have set […]
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