If you want to know where the uranium market is headed, keep an eye on these countries... Read more...
uranium price chart
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Thanks to considerably higher energy costs, the demand for nuclear power continues to rise.
This year alone, 65 nuclear power plants are under construction, another 160 new reactors are currently in the planning stages, and 340 more have been proposed. Even Japan is now shifting its stance on nuclear power. According to Japan Today, newly elected Prime Minister Shinzo Abe now says he is willing to build new nuclear reactors.
The demand for uranium is clearly going to be getting stronger, which presents a problem. There is already a uranium supply deficit of 40 million pounds a year.
But supply and demand are only part of the uranium story...
But now uranium mining stocks have finally begun to bounce back... just like we told you they would.
After getting pummeled last year, shares of Cameco Corp. (NYSE: CCJ) - the world's second-largest uranium miner - are up 32%.
Meanwhile, smaller American competitors Uranium Resources Inc. (Nasdaq: URRE) and Uranium Energy Corp. (AMEX: UEC) are each up about 30%. And the Global X Uranium ETF (NYSE: URA) is up 25%.
Investors fear that the explosion and subsequent radiation leaks at the Fukushima nuclear power plant will force other countries to tighten restrictions, or worse, abandon their pursuit of nuclear power as an alternative source of energy.
But what if no such thing happens? What if the nuclear fallout in Japan remains relatively contained, and other countries around the world move ahead as planned with their atomic energy projects?