Why Energy Fuels, Ur-Energy, Uranium Energy, and Denison Mines Stocks All Surged Today

Why Energy Fuels, Ur-Energy, Uranium Energy, and Denison Mines Stocks All Surged Today

What happened

Uranium mining stocks are hot Friday. As of 2:05 p.m. EDT, Energy Fuels (NYSEMKT: UUUU) shares are up 11.3%, followed by Denison Mines (NYSEMKT: DNN) with a 13.5% gain, Ur-Energy (NYSEMKT: URG) is up 13.7%, and Uranium Energy (NYSEMKT: UEC) is leading the pack higher — up 14.1%

And you can thank Sprott Physical Uranium Trust Fund (OTC: SRUU.F) for that. So what

As Financial Times reports today, the price of uranium yellowcake has soared to its highest level seen since 2014 as private investors bid against nuclear power companies for access to the fuel. Sprott in particular, reports Financial Times , has "snapped up" 6 million pounds of physical uranium, worth about $240 million, over the past couple of months, bringing its total holdings to about 24 million pounds. According to Bloomberg, that’s equivalent to about 26% of all uranium sold all around the world in 2020.Factor […]

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