As Uranium Soars, Top Trust Sees Hedge Funds Fueling Demand Lift

as uranium soars top trust sees hedge funds fueling demand lift

Sumary of As Uranium Soars, Top Trust Sees Hedge Funds Fueling Demand Lift:

  • The Sprott Physical Uranium Trust has itself been on a buying spree, bolstering its stockpile by 45% in four weeks after snapping up 8.1 million pounds of the commodity as prices surged.
  • Uranium has soared 40% this month, putting pressure on utility owners and other users when supplies are dwindling and demand is poised to take off with more reactors being built around the world.
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  • Article content “I don’t think we’re crowding them out,” said John Ciampaglia, chief executive officer of Sprott Asset Management, which oversees the trust.
  • “You’ve got end users that are trying to buy materials, you’ve got speculators and financial intermediaries in the market as well.
  • A few uranium development companies bought the physical commodity after raising equity in the capital markets rather than parking the proceeds into cash, he said.
  • Still, Sprott’s trust holds about 26 million pounds of uranium, equal to about 14% of the annual consumption from the world’s nuclear reactors.
  • The closed-end fund was formed out of an April takeover of Uranium Participation Corp.

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