Thread by @SStapczynski

Something interesting is happening in the spot uranium market 👀☢️

Uranium futures have surged to a 6-year high. And its bull run is poised to continue due -- at least in part -- to a single fund aggressively buying physical supplies

The Sprott Physical Uranium Trust was launched earlier this year, and recently started to Tweet about how much physical uranium it has been buying

That's aided the commodity’s recent surge to a six-year high

Sprott is buying at a rate that is double the typical total annual uranium volume traded. Not double the float. Double the market.

In just three weeks, Sprott’s buying has pushed the price of uranium up by more than 30%

(Via @DoombergT)

doomberg.substack.com/p/is-uranium-a…

To be sure, the fund buying is ontop of bullish fundamentals

Uranium prices must rise further to incentivize the restart of production to meet uncovered utility demand after 2023, according to analysts at Raymond James

Plus, earlier this year, Kazatomprom, the world’s top miner of uranium, said it would keep its output at reduced levels through 2023, removing supply from the market

world-nuclear-news.org/Articles/Kazat…

The Sprott Physical Uranium Trust has amassed over 24 million pounds of uranium, sometimes buying more than 500,000 pounds in a single day

For comparison, total spot volume for 2020 was 92.2m pounds, according to Yellow Cake

bloomberg.com/news/articles/…

Sprott noted in a July presentation that 2021 was already “slated to be the strongest non-utility buying year over the past decade”