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Meme Investors Are Getting Excited About Uranium Again

Machines use yellow cakes to produce Uranium hexafluoride.

Machines use yellow cakes to produce Uranium hexafluoride.

Photographer: BEHROUZ MEHRI/AFP

Meme traders are once again getting excited about uranium, a crucial element for the generation of nuclear power.

Retail interest picked up last year, with armchair uranium traders even getting a dedicated forum on Reddit called r/UraniumSqueeze and some investors even looking into snapping up large amounts of physical supply. Spot prices spiked late last year following a buying spree by Sprott Physical Uranium Trust, a Canadian-listed fund which is purchasing physical uranium, and lost momentum soon after.

But the broad turmoil in commodities sparked by Russia’s invasion of Ukraine means the retail crowd is getting a second shot at the shiny element.

Spot prices are jumping again, though the price action has yet to feed through into a number of listed uranium miners.


The buy case is pretty clear though not infallible. Russia is the top supplier of enriched uranium for the world’s existing reactors. Meanwhile, soaring commodities costs in the aftermath of the invasion are encouraging countries to look towards energy sources that are more insulated from oil and gas. Nuclear’s a clear candidate and there’s been years of underinvestment in the space, as we recently discussed on an Odd Lots episode with Matt Klein.

On the other hand, there is also a risk that the invasion exposes vulnerabilities in nuclear power, with Russia’s shelling of Zaporizhzhia’s nuclear plant — the largest in Europe — setting off alarm bells and even leading to analysts to ponder what happens to stocks in the event of nuclear apocalypse

But in any case, Reddit is excited.