hile the rest of the equity market has been stagnating, uranium sector-specific exchange traded funds have rallied on the surging prices of rare earth metals.
On Friday, the VanEck Vectors Rare Earth/Strategic Metals ETF (REMX) gained 2.5%, North Shore Global Uranium Mining ETF (NYSE: URNM) increased 11.8%, and Global X Uranium ETF (URA) advanced 9.3%. Over the past month, REMX rose 5.1%, URNM gained 37.2%, and URA added 27.8%.
The price of raw uranium, or so-called yellowcake, has surged to its highest level since 2014, driven largely by a new investment trust run by Canadian asset manager Sprott, the Financial Times reports.
Many are betting that nuclear power could be a key component of the shift away from dirty fossil fuels. Additionally, the lack of new uranium mines could further support the move higher.The recently launched Sprott Physical Uranium Trust has accumulated about 6 million pounds of physical uranium, or about $240 […]
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