Sprott’s buying spree a ‘can of kerosene’ on uranium market set to explode

Last week, the Sprott Physical Uranium Trust (SPUT) started buying up physical uranium, taking it out of market circulation.

Sprott is selling new shares and use the proceeds to buy physical uranium, scooping up about 900,000 pounds in all.

A gigawatt-class reactor uses around 450,000 pounds per year, so this is no small amount, says 808s Online, a blog run by a US nuclear professional. The news sparked a 10% gain in the uranium spot price to one-year highs.

“Along with other recent raises, Sprott (and its direct predecessor, the Uranium Participation Corporation) has in 2021 bought up more than 1% of the annual mined supply of the commodity, taking it out of circulation and into long-term storage,” he says.“It would be the uranium story of 2021 even if there was no more story to tell, but there are still four months left in the year and a lot of rope left […]

Click here to view original web page at www.msn.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.