Uranium Jumps to Highest Since 2014 as Fund Buys Physical Supply
- Rally intensified after Sprott began aggressive uranium buying
- Strong fundamentals also lifting uranium futures higher
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Uranium, the commodity used to fuel nuclear power plants, has surged to the highest level since 2014 due in part to a single fund aggressively trying to corner the physical market.
Investment firm Sprott Inc. earlier this year launched its Physical Uranium Trust and recently commented on Twitter about how much physical uranium it had been buying, aiding the commodity’s recent bull run. Sprott has amassed over 24 million pounds of uranium, sometimes buying more than 500,000 pounds in a single day, according to its website and social media account.