‘There is no bear case for uranium in 2024’

Uranium has started 2024 the same way it ended 2023 – like a bull in a china shop.

This speccy graphic explains why global resources stocks, pundits and punters are all boarding the yellowcake train.

DEEP, DEEP DEFICITS.

Years of demand exceeding supply has left the cupboard bare, helping push prices up 90% over the last year. With 436 operational nuclear reactors worldwide and 173 more in the pipeline the deficits will only get bigger, even as mothballed mines enter restart mode and advanced projects hit the button on development.

Even noted contrarian investors Goehring & Rozencwajg don’t have a bear case for uranium in the near term.

“The reason being that underlying market fundamentals are still ratcheting tighter,” Leigh Goehring told Stockhead.

“However, when a consortium of utilities is forced to approach the Sprott uranium trust (SPUT) in order to secure supply, that will be the signal to get out of everything uranium (but we are nowhere near that point yet).”

Hold on. What’s a SPUT?

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