Uranium price hits a 12 year high, more to come?

Uranium reaches a 12-year high at $74 per pound, meaning producers are making more money and encouraging further mine restarts and new builds.

Future Money
November 15, 2023

Uranium reaches a 12-year high at $74 per pound, meaning producers are making more money and encouraging further mine restarts and new builds.

Uranium is outperforming other commodities.
Sprott, which manages the Sprott Physical Uranium Trust (TSX: U.UN) says long-term data reveals substantial outperformance of physical uranium and uranium equities against broader asset classes.
Future demand-supply imbalance is becoming a more mainstream concept, as the US looks to move away from Russian supply

U3O8 spot price gains 54.16% YTD, reaching $74.48 per pound as of October 31, 2023.
Uranium's economic resilience is evident as it surpasses other commodities, declining only 7.26% according to the BCOM Index.
World Nuclear Association's report forecasts a doubling of nuclear reactor requirements by 2040, supporting uranium price levels.
U3O8 term contracting in 2023 exceeds 2022 levels, indicating sustained demand and reinforcing the seller's market status.
Uranium miners experienced a sector retreat in October, but positive developments, such as enCore's license renewal and Boss Energy's Honeymoon project, signal industry growth.

Geopolitical shifts away from Russian uranium supply chains remains a top priority for US industry and lawmakers
Increasing demand for uranium, coupled with a supply deficit, could support a sustained bull market, emphasizing the importance of mine restarts and new developments.
We think the uranium sector is likely to need sustained higher prices to meet forecasted deficits, and in turn help the world meet its ambitious carbon goals via more nuclear power generation.