What happened
Uranium stocks went nuclear on Monday, with shares of Denison Mines ( NYSEMKT:DNN ) surging 10.2%, Uranium Energy ( NYSEMKT:UEC ) rising 10.6%, and Energy Fuels ( NYSEMKT:UUUU ) closing 14.3% higher.
It’s not hard to figure out why: Uranium prices are way up. Image source: Getty Images. So what
As OilPrice.com reported over the weekend, the spot price for U308 (triuranium octoxide, also known as yellowcake, and the most stable form of uranium oxide found in nature) last week surged past $30 per pound for the first time this year, approaching its highs of last year.Investment banks BMO Capital Markets and Morgan Stanley both believe that uranium prices have set a floor, and are unlikely to fall back below $30. To the contrary, the analysts are predicting that uranium will continue to rally, and could hit $50 by 2024.The reason: According to energy experts , it’s unlikely […]
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