Why Uranium Energy Stock Touched a 52-Week High Monday

Why Uranium Energy Stock Touched a 52-Week High Monday

What happened

Uranium Energy (NYSEMKT: UEC) surged in early trading on Monday, jumping by 9.4% to hit a 52-week high of $4.28 a share before losing some of that ground. The uranium mining stock closed the trading session up by 3.1%. Uranium Energy got fired up last week and continued its rally Monday thanks to a sudden jump in uranium prices. So what

After a dizzying rally that began in mid-August sent uranium prices to a nine-year high of $50.8 per pound in September, the rally fizzled out, and the commodity slid to almost $34 a pound on Oct. 8.

It wasn’t random, though, when uranium prices started to rise again from Oct. 8 onwards. That was also the day when the Sprott Physical Uranium Trust (OTC: SRUU.F) announced it had bought 300,000 pounds of uranium, three days after buying 500,000 pounds, following a dry spell that had lasted more […]

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