Uranium powers commercial nuclear reactors, producing electricity with no carbon emissions. In addition to electricity, the element is also used in industrial and defense purposes worldwide.
It is around 500 times more common than gold with small amounts of uranium present in our rocks, soil and even bodies.
According to Yahoo! Finance, the Bank of America’s metals and mining team stated the current global shortage of uranium could extend well beyond this year. With potentially higher prices to come, signs are pointing to 2024 being the year of uranium.
Yahoo! Finance went on to add that the analysts increased their uranium spot price from $105 per pound to $115 for 2025.
The outlook of uranium is flying high, reaching a 16-year high of more than US$100 per pound.
So, you want in on this little slice, do you? Well, you have come to the right place because in the video above we have put together three companies with which you should become familiar.
- Cameco(TSX:CCO; NYSE:CCJ)
- Rio Tinto(NYSE:RIO)
- Nexgen Energy(TSX:NXE; NYSE: NXE)
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