Sprott Physical Uranium Trust (QX)【SRUUF】株式ニュース

Uranium Energy Corp Increases Holdings in Anfield Energy
PR Newswire 1 day ago

https://stockcharts.com/sc3/ui/?s=AEC.V&a=1991376829

Uranium Energy Corp Increases Holdings in Anfield Energy

https://finance.yahoo.com/news/uranium-energy-corp-increases-holdings-204000644.html "

UEC") announces that it has acquired 170,000,000 common shares (the "Anfield Shares") of Anfield Energy Inc. ("Anfield") (TSX-V: AEC) by private agreement at a **price of $0.115 (Canadian dollars) per share for aggregate consideration of $19,550,000 (Canadian dollars).**

Levin on U.S. Iran Strikes: ‘We Just Kicked Their Ass’

https://www.breitbart.com/clips/2025/06/21/levin-on-u-s-iran-strikes-we-just-kicked-their-ass/

WORLD NEWS - LIVE: TRUMP: STRIKES ON IRAN ‘SUCCESSFUL’ FORDOW, NATANZ, ESFAHAN TARGETED STEALTH BOMBERS DROP BUNKER BUSTERS ALL AIRCRAFT SAFE — WAR STATUS CONFIRMED...
TexasNewsStudio

https://rumble.com/v6v2bvd-live-israel-attacks-iraninterceptors-battle-missiles-sleeper-cells-in-usala.html?e9s=src_v1_news

BREAKING: President Trump Just Announced That The Iranians Want To Meet With Him At The White House
The Alex Jones Show

https://www.bitchute.com/video/9MYIzzJ2gV1i

IRAN WAR DAY 9 | America First Ep. 1521
Nicholas J. Fuentes

https://rumble.com/v6v3da3-america-first-ep.-1521.html?e9s=src_v1_news

SILVER: The Tide Is Turning

https://kingworldnews.com/silver-the-tide-is-turning/

$World’s highest grade silver mine resumes production ♥️

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=176034313

BEST ANTI-WAR SPEECH!
789 Views - 2 hours ag
Judging Freedom - Judge Andrew Napolitano
11.7K Subscribers

https://www.bitchute.com/video/LyTtz0Wri-8

Pakistan Army chief calls for Trump to get Nobel Peace Prize – White House
Asim Munir has credited the US president for preventing a nuclear war in South Asia

https://www.rt.com/news/619770-pakistan-army-trump-nobel-peace-prize/

The billionaire’s more than 100 children will not have access to his fortune until at least 2055, the Telegram founder has said

https://www.rt.com/russia/619839-durov-will-children-thirty-years/

Loy Brunson Update 6.19.25: "It's Go Time! The SCOTUS Brunson Case". Bannons War Room
Bannons War Room. Steve Bannon

https://rumble.com/v6v04k5-loy-brunson-update-6.19.25-its-go-time-the-scotus-brunson-case.html?e9s=src_v1_s%2Csrc_v1_s_m

Donald Trump: We Don’t Want a Long-Term War with Iran

https://www.breitbart.com/politics/2025/06/18/donald-trump-we-dont-want-long-term-war-iran/

Iran Prepares for War with America
1292 Views - 10 hours ago
Glenn Diesen & Seyed Mohammad Marandi:

https://www.bitchute.com/video/KKk2PoHtk4Y

Look At These Stunning Charts Of Gold, Silver And Mining Stocks

https://kingworldnews.com/look-at-these-stunning-charts-of-gold-silver-and-mining-stocks/

Dr. Jim Willie: EBS Activation with 300000 Troops 6.19.25 - Brace For Next 24 Hours!
Trump News Channel

https://rumble.com/v6v0xul-dr.-jim-willie-ebs-activation-with-300000-troops-6.19.25-brace-for-next-24-.html?e9s=src_v1_ucp

Report: Israel Kills Dozens of Iranian Military Leaders by Bombing Hideout

https://www.breitbart.com/middle-east/2025/06/18/report-israel-kills-dozens-of-iranian-military-leaders-by-bombing-hideout/

Neocons Dragging Trump into WWIII – Martin Armstrong
By Greg Hunter On June 18, 2025 In Market Analysis, Political Analysis 74 Comments

https://usawatchdog.com/neocons-dragging-trump-into-wwiii-martin-armstrong/

Loy Brunson BIG Update: It's Go Time 6.18.25, The SCOTUS Brunson Case!
Trump News Channel

https://rumble.com/v6uyzmj-loy-brunson-big-update-its-go-time-6.18.25-the-scotus-brunson-case.html?e9s=src_v1_ucp

VIDEO: Trump Says He Is Thinking About Reopening Peace Negotiations With The Iranians &
Hosting Them

https://www.bitchute.com/video/MmRdvvSsdLPI

"F Off BBC" and walks away. Islamic regime collapsing in Iran? Idiot Chrystia Freeland
586 Views - 2 hours ago
Sanity4Sweden

https://www.bitchute.com/video/ZORTOGM75jA

Loy Brunson "Brunson Case Update" with Nino Rodriguez 6.17.25 - Big Events Coming Next Few Days
Trump News Channel

https://rumble.com/v6uxaff-loy-brunson-brunson-case-update-with-nino-rodriguez-6.17.25-big-events-comi.html?e9s=src_v1_ucp

Poke Iran, Face…’: Iraqi Militia Warns U.S., Embassy in Baghdad On Red Alert | Trump ‘Alarmed’

https://www.bitchute.com/video/2W0oSPOhVlhQ

Gold & Silver Roadmaps Show Much Higher Prices
June 17, 2025

1st Chart Shows Gold’s 2024 Breakout
2nd Chart Shows Silver Now Breaking Out!

https://kingworldnews.com/gold-silver-roadmaps-show-much-higher-prices/

$World’s highest grade silver mine resumes production ♥️

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=176034313

Israel- Iran Latest Updates 6/17/25 🚀🔥

https://www.bitchute.com/video/ml7rMLk5nci3

TOTAL MELTDOWN! Israel’s Defense Hub and Airport SMASHED by Hypersonic Retaliation
KnowTheKnowledgeChannel

https://www.bitchute.com/video/ePre6nj91TMi

Gold overtakes euro in global reserves
Bullion has gained in prominence as central banks increasingly
seek to diversify reserve assets

https://www.rt.com/news/619023-gold-overtakes-euro-as-global-reserve-currency/

Trump warns Iran not to attack the US
Tehran will face the America’s “full strength and might”
if it targets the country’s assets, the president has warned

https://www.rt.com/news/619347-trump-us-iran-israel/

Rebels head to Kananaskis for G7 Summit
Rebel News

https://www.bitchute.com/video/tWoGG4ucNMY

GOLD: Chart Of The Day
June 13, 2025

https://kingworldnews.com/gold-chart-of-the-day/

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=176323047

The Alberta Roundup | Smith warns separatism surging as pipeline fight escalates
JunoNews

The Alberta Roundup | Smith warns separatism surging as pipeline fight escalates
JunoNews

HAPPY FATHER'S DAY TO ALL -

🚨You WON'T BELIEVE what just happened to Trump & George Soros!
Stephen Gardner
77.4K followers

https://rumble.com/v6usnjb-you-wont-believe-what-just-happened-to-trump-and-george-soros.html?start=312

EMERGENCY ALERT ⚠️ 🚨 IRAN LAUNCHES MASSIVE ATTACK ON ISRAEL DESTROYING THE OIL REFINERY IN HAFIA !!

https://www.bitchute.com/video/B2elwFxp198J

LIVE: President Trump Honors U.S. Army's 250th Anniversary With a Grand Military Parade - 6/14/25
Right Side Broadcasting Network
571K followers

https://rumble.com/v6uj521-live-president-trump-honors-u.s.-armys-250th-anniversary-with-a-grand-milit.html?e9s=src_v1_ucp

Is the Total Collapse of Iran Near? | Naftali Bennett
The Rubin Report
636K followers

https://rumble.com/v6uql8j-is-the-total-collapse-of-iran-near-naftali-bennett.html?e9s=rel_v2_ep

MAGA NEWS - Trump Says He Won't Fire "Numbskull" Powell, But Demands Rate Cuts
Tyler Durden's Photo
by Tyler Durden
Thursday, Jun 12, 2025 - 09:17 AM
President Trump said he did not plan to fire Fed Chair Jerome Powell,
days after saying he would “soon” pick his nominee - to lead the central bank next, with
Polymarket odds suggesting Hassett, Warsh and Bessent are favorites to replace Powell.

https://twitter.com/i/status/1933193722893619577

https://www.zerohedge.com/markets/trump-says-he-wont-fire-numbskull-powell-demands-rate-cuts

MAGA NEWS - Alberta Canada ,starts Moves To Leave Canada To Join USA As The 51st State - Foreign Affairs - Nairaland
Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Alberta Canada ,starts Moves
To Leave Canada To Join USA As The 51st State

https://www.nairaland.com/8415805/alberta-canada-starts-moves-leave

FOLLOW JESUS - Descubre el Evangelio de hoy Jueves, 12 de Junio del 2025✨🙏
EvangelioDigitalenVideo

https://rumble.com/v6ulkgl-descubre-el-evangelio-de-hoy-jueves-12-de-junio-del-2025.html?e9s=src_v1_upp

Trump To Deploy ICE Tactical Units Across US As LA Riots WORSEN, HUNDREDS Arrested | Timcast IRL
TimcastIRL
508K followers

https://rumble.com/v6unikd-trump-to-deploy-ice-tactical-units-across-us-as-la-riots-worsen-hundreds-ar.html?e9s=src_v1_homepage-player-lineup

A More Than Insurrection, It’s Bolshevik Revolution – Larry Klayman
Greg Hunter's USAWatchdog.com

https://rumble.com/v6ulzw7-la-more-than-insurrection-its-bolshevik-revolution-larry-klayman.html

Douglas Macgregor WARNING 6.9.25: Trump Does a Blitzkrieg Ahead of the Dems

https://rumble.com/v6uixot-douglas-macgregor-warning-6.9.25-trump-does-a-blitzkrieg-ahead-of-the-dems.html?e9s=src_v1_ucp

EVILS OF Kiev sends the living to die, but won’t accept its dead
Clearly, controlling the narrative is more important for Ukraine
than the dignity of its fallen – or the well-being of those still alive

THE KHASARIAN NWO PUPPET EVIL MASS-MURDER

https://www.rt.com/russia/618779-kiev-living-dead-accept/

BREAKING: 500 active-duty Marines prepared to deploy to LA: report
Pete Hegseth said that if it should be necessary he was prepared to deploy Marines.

https://mr.cdn.ignitecdn.com/client_assets/thepostmillennial_com/media/picture/6846/359d/4ee1/1731/3ccc/a03b/original_photo_2025-06-08_21.14.53.jpeg?1749431710

https://thepostmillennial.com/breaking-500-active-duty-marines-prepared-to-deploy-to-la-report

MASS-MURDERS? - Society of Gynaecologists fails to address vaccine information gaps for pregnant women
Rebel News

https://www.bitchute.com/video/8zcr0-rW1Kg

BREAKING: RIOTS SHAKE CALIFORNIA! - Trump To Arrest Gavin Newsom? - Who Benefits?

https://www.bitchute.com/video/GhgsR3DXK6v8

Canadian wildfires kill 2 and force over 33,000 to evacuate so far
too many wildfires and to few SUPER-WATER-BOMBERS -
Evan Blake@evanblake17
4 June 2025

https://www.wsws.org/en/articles/2025/06/05/pdjj-j05.html

SUPERWATERSBOMBERS USED TO SAVE TOWNS, PEOPLE, FARMS, FOREST BY FIGHTING THE WILDFIRES -
BEFORE NWO DEPOPULATION DESTRUCTION PUPPETS TURNED THE SUPER-WATER- BOMBERS -
TO CHEMTRAIL-BOMBERS -

https://en.wikipedia.org/wiki/Aerial_firefighting#/media/File:Thunder_Over_The_Empire_Airfest_2012_120519-F-EI671-001.jpg

A DC-10 operated by 10 Tanker Air Carrier for the U.S. Forest Service demonstrates a water drop during
"Thunder Over The Empire Air Fest" at March Air Reserve Base, Calif. (2012)

Boeing 737-300 operated by Coulson Aviation

Lockheed P-3A Orion operated by Aero Union

A Neptune Aviation Lockheed P2V drops fire retardant at Pine Mountain, Oregon. (2014)

Trump KICKED Epstein Out of Mar-a-Lago When He Found Out
Next News Network
61.8K Subscribers

https://www.bitchute.com/video/19Wvbr85vSc

BREAKING: The Real Reason They Want WW3 Is So Sick Even Trump Can't Say It On TV
561 Views - 2 days ago
Next News Network
61.8K Subscribers

https://www.bitchute.com/video/RrIlfNHB2cU

Polish president-elect opposes Ukrainian EU membership
Karol Nawrocki has vowed to prioritize Warsaw’s national interests over Kiev’s

https://www.rt.com/news/618790-poland-opposes-ukraine-eu/

MAGA NEWS - Many episodes in this series. Europa: The Last Battle - pt 1 - The Financial System

https://europathelastbattle.net/

https://odysee.com/@AryanFascist:2

https://odysee.com/[@ userid=1]---The-Financial-System:0

This month, the corporate elites gathered in Davos, Switzerland,
Canadian Citizens Journal

https://rumble.com/v6ufx33-this-month-the-corporate-elites-gathered-in-davos-switzerland.html?e9s=src_v1_ucp

Alberta TEAMS UP With Trump-Carney PANICS! #Alberta #TrumpNews #Bill54
Canadian Citizens Journal

https://www.rebelnews.com/stop_c2

https://rumble.com/v6uftsd-alberta-teams-up-with-trump-carney-panics-alberta-trumpnews-bill54.html

BREAKING: The Real Reason They Want WW3 Is So Sick Even Trump Can't Say It On TV

https://www.bitchute.com/video/RrIlfNHB2cU

WARNING: 15 MINUTE CITIES ARE HERE! - The Agenda Hidden In Plain Sight! - From Oxford To Kelowna

https://www.bitchute.com/video/pMNCyT5qB3QF

Teen Molested By Illegal Alien Who Biden Admin Sent Her To Live With, Police Say;
Hundreds of thousands of vulnerable youth are placed with loosely-vetted adults under the 'unaccompanied alien children' program.
By Luke Rosiak
Jun 3, 2025 DailyWire.com

https://www.dailywire.com/news/teen-molested-by-illegal-alien-who-biden-admin-sent-her-to-live-with-police-say

Trump signs proclamation to ban travel from 12 countries
Kristen Holmes Alayna Treene Kaitlan Collins Samantha Waldenberg
By Kristen Holmes, Alayna Treene, Kaitlan Collins and Samantha Waldenberg, CNN
Updated 6:21 PM EDT, Thu June 5, 2025

https://www.cnn.com/2025/06/04/politics/trump-travel-ban-proclamation

SILVER BREAKS OUT! Silver Price Headed To New All-Time High After Breakout
June 05, 2025

https://kingworldnews.com/silver-breaks-out-silver-price-headed-to-new-all-time-high-after-breakout/

Ex-Trump adviser calls for seizure of US senator’s passport
Steve Bannon has accused Lindsey Graham of “stirring up” the Ukraine
conflict by falsely promising US support to Kiev

https://www.rt.com/news/618659-trump-adviser-graham-passport/

MAGA NEWS - UK pledges 100,000 new drones for Kiev
The move comes amid a new British militarization campaign,
citing a potential conflict with Russia

https://www.rt.com/news/618628-uk-drones-ukraine-delivery/

Smoke from Canadian wildfires spreads into US Midwest
Reuters
174K followers

https://rumble.com/v6uadbr-smoke-from-canadian-wildfires-spreads-into-us-midwest.html

The idiot Zelensky calls Russian negotiators ‘idiots’

The idiot Zelensky & Russian idiots’ should all be in
prison for kazarian mass-killings, genocide - terror mass-murders!

https://www.rt.com/news/618593-trump-patience-ukraine-talks/

Senators Graham & Blumenthal Commit Treason – Martin Armstrong
Greg Hunter's USAWatchdog.com
73.9K followers

https://rumble.com/v6ua627-senators-graham-and-blumenthal-commit-treason-martin-armstrong.html

The World’s Most Desperately Needed Airplane WATER-BOMBERS Back in Production

Manufacturer De Havilland Aircraft of Canada is rapidly bringing a water-bombing aircraft

back into production as orders have surged due to raging wildfires fueled by climate change
and BS O-bama turned the water-bombers into chemtrail-bombers
some By Monique Mulima and John Ainger
September 12, 2024

https://www.bloomberg.com/news/features/2024-09-13/canada-is-making-the-world-s-most-desperately-needed-airplane

More than 25,000 residents in three provinces have been evacuated as dozens of wildfires
remained active Sunday and diminished air quality in parts of Canada and the U.S., according to officials.

Gold & Silver Consolidation Continues But Look At This…

https://kingworldnews.com/gold-silver-consolidation-continues-but-look-at-this/

Despite Volatility, Gold Price Target Is Now A Staggering $15,000

https://kingworldnews.com/despite-volatility-gold-price-target-is-now-a-staggering-15000/

EXCLUSIVE: Trump Admin Hopes To Bring ‘Thousands’ Of Refugees From South Africa By Late Summer

https://dailycaller.com/2025/05/31/trump-admin-thousands-afrikaner-refugees-south-africa-late-summer/

Right-wing Nawrocki wins Polish presidential election
The candidate backed by the Law and Justice party
has defeated Warsaw Mayor Rafal Trzaskowski

https://www.rt.com/news/618468-right-wing-nawrocki-narrow-lead/

SCOTUS HANDS TRUMP FULL CONTROL OF FEDERAL AGENCIES — LAWFARE ERA IS OVER

The Supreme Court Just Detonated The Deep State’s Last Defense Line. In A Historic Ruling,
President Donald J. Trump Has Been Granted Full Constitutional Authority To Remove The
Heads Of All So-Called “Independent” Federal Agencies — Without Cause, Delay, Or Interference.

https://gettr.com/post/p3lo24afced

WATER BOMBERS NEEDED FOR NORTH AMERICA -
BS OBAMA WANTED THEM ALL MADE CHANGED THEM INTO CHEMTRAIL BOMBERS -

The World’s Most Desperately Needed Airplane Is Back in Production
Manufacturer De Havilland Aircraft of Canada is rapidly bringing a water-bombing aircraft
back into production as orders have surged due to raging wildfires fueled by
NWO DEPOPULATION DESTRUCTION AND CHEMTRAIL WARS AGAINST THE PEOPLE

https://www.bloomberg.com/news/features/2024-09-13/canada-is-making-the-world-s-most-desperately-needed-airplane

More than 25,000 residents in three provinces have been evacuated as dozens of wildfires
remained active Sunday and diminished air quality in parts of Canada and the U.S., according to officials.

https://www.newsmax.com/world/globaltalk/fire-canada-us/2025/06/01/id/1213168/

https://gettr.com/post/p3lnoyc9044

Dire Global Economy, Dangerous Wars & Demonic AI – Steve Quayle
Greg Hunter's USAWatchdog.com
73.8K followers

https://rumble.com/v6u5btf-dire-global-economy-dangerous-wars-and-demonic-ai-steve-quayle.html?e9s=src_v1_ucp

Canada wildfires create heavy smoke that's expected to reach the US: See photos
Taylor Ardrey
Michael Loria
USA TODAY

The heavy smoke from the active wildfires in Canada is expected to hit parts of the United States.

Rising heat, winds, and dry air sparked blazes in the Canadian provinces of Saskatchewan and Manitoba,
according to the country’s Department of Natural Resources.
Residents in the United States are expected to face poor air quality from the fires as soon as May 30.

The fires have burned hundreds of thousands of acres in both provinces and reCanada wildfires create heavy smoke that's expected to reach the US: See photos
Taylor Ardrey
Michael Loria
USA TODAY

The heavy smoke from the active wildfires in Canada is expected to hit parts of the United States.

Rising heat, winds, and dry air sparked blazes in the Canadian provinces of Saskatchewan and Manitoba,
according to the country’s Department of Natural Resources.
Residents in the United States are expected to face poor air quality from the fires as soon as May 30.

The fires have burned hundreds of thousands of acres in both provinces and resulted in the evacuation
of at least 17,000 people, in what officials are calling "a very serious situation."
Resulted in the evacuation
of at least 17,000 people, in what officials are calling "a very serious situation."

https://www.usatoday.com/story/news/nation/2025/05/30/canada-wildfires-2025-smoke-photos/83941042007/

WATER BOMBERS NEEDED FOR NORTH AMERICA -

The World’s Most Desperately Needed Airplane Is Back in Production
Manufacturer De Havilland Aircraft of Canada is rapidly bringing a water-bombing aircraft
back into production as orders have surged due to raging wildfires fueled by
NWO DEPOPULATION DESTRUCTION AND CHEMTRAIL WARS AGAINST THE PEOPLE

https://www.bloomberg.com/news/features/2024-09-13/canada-is-making-the-world-s-most-desperately-needed-airplane

SOME By Monique Mulima and John Ainger
September 12, 2024 at 9:00 PM PDT

Trump denounces court’s 'political' tariff decision, calls on Supreme Court to act quickly
Trump accuses judges of harming US and expressed disappointment with Federalist Society’s judicial advice
Andrea Margolis By Andrea Margolis Fox News
Published May 29, 2025 9:52pm EDT

https://www.foxnews.com/politics/trump-denounces-courts-political-tariff-decision-calls-supreme-court-act-quickly

SCOTUS Rules Trump Can Revoke Protected Status For Half A Million Migrants From Multiple Countries
Justices Ketanji Brown Jackson and Sonia Sotomayor dissented.
By Zach Jewell
May 30, 2025 DailyWire.com

https://www.dailywire.com/news/scotus-rules-trump-can-revoke-protected-status-for-half-a-million-migrants-from-multiple-countries

Putin LAUNCHES massive attack on Ukraine after NATO assassination attempt, Trump in the dark?
Redacted News
600K followers

https://rumble.com/v6tyedj-bombshell-new-details-emerge-on-the-government-cover-up-of-covid-19-vaccine.html?e9s=src_v1_ucp

Trump: 'Foreign Enemy' Obama Facing Military Trial As Gov’t Docs Expose Citizenship Fraud
Trump News Channel

https://rumble.com/v6tt46d-trump-foreign-enemy-obama-facing-military-trial-as-govt-docs-expose-citizen.html?e9s=src_v1_ucp

Federal Trade Court Blocks Trump from Imposing Sweeping Tariffs Under Emergency Powers Law

https://www.breitbart.com/news/federal-trade-court-blocks-trump-from-imposing-sweeping-tariffs-under-emergency-powers-law/

CHINA's GOLD Power Play: Why This Could Change Everything

https://www.bitchute.com/video/ObEOwMBre7uL

Goldman Sachs Says ‘Go for Gold’: Why $3,150 Could Be Next
- 3 hours ago
Channel
Alt Invest Media

https://www.bitchute.com/video/U0PQYMFPL9iH

U.S. Political Pressure Delays B.C. Ostrich Cull | Maverick News LIVE with Rick Walker
Channel
MAVERICK NEWS CHANNEL

https://www.bitchute.com/video/7UemcSPNg9yp

Massive Mining Show Ready To Rock Timmins -

The City of Timmins has officially kicked off its annual celebration of all things mining,
proclaiming June 3–9 as Mining Week
Amanda Rabski-McColl | TimminsToday

https://www.northernontariobusiness.com/industry-news/mining/massive-mining-show-ready-to-rock-timmins-10723760?utm_source=email&utm_medium=email&utm_campaign=May%2028,

Alberta's SEPARATION from Canada gains momentum, Canada facing calamity | Redacted w Clayton Morris
Redacted News
599K followers

https://rumble.com/v6tnie3-albertas-separation-from-canada-gains-momentum-canada-facing-calamity-redac.html

Nomi Prins Just Warned China May Tell Its State-Owned Banks To Dump US Treasuries And Buy Gold
May 09, 2025

https://kingworldnews.com/nomi-prins-just-warned-china-may-tell-its-state-owned-banks-to-dump-us-treasuries-and-buy-gold/

Discovery is an Americas-focused precious metals company with a diversified portfolio -

including high-quality gold producing assets in and near Timmins, Ontario,
Canada and 100% ownership of the Cordero project in Mexico, one of
the world’s largest silver development-stage projects.

https://discoverysilver.com/?mod=article_inline

$DSV GOLD MINES BARGAIN - Nice new approach -

https://bpd-space.nyc3.cdn.digitaloceanspaces.com/scp/250501-scp-dsv-initiation.pdf

Comparing this to GBTC???

https://www.zerohedge.com/markets/bitcoin-opportunity-uranium
A Bitcoin-Like Opportunity In Uranium?
Submitted by Adventures in Capitalism
Last summer, I recognized an odd phenomenon. An obscure entity named Grayscale Bitcoin Trust (GBTC – USA) was slowly cornering the free float in Bitcoin. This was a result of the trust structure where any capital that went in, was converted into Bitcoin, but there was no mechanism in place to ever sell coins and redeem that capital. As a result, GBTC became a growing repository of Bitcoin. At first, it bought a few hundred coins a day, then a thousand, then a few thousand. As the trading volume increased, the inflows also increased. As the inflows increased, the daily bitcoin purchases increased, eventually driving the Bitcoin price higher. As the price went higher, new investors were drawn to GBTC and the inflows accelerated—spinning the flywheel faster. It was so obvious that this would lead to higher prices, that I called it “My Favorite Ponzi Scheme…” Over time, much as I had predicted, these inflows drove the price of Bitcoin and ultimately GBTC dramatically higher. Early this year, I had a well-timed exit for a quick multi-bagger and my capital went onto greener pastures in depressed energy assets.
I bring this all up, as I see a similar phenomenon in uranium—a much smaller and less liquid market, potentially creating a more dramatic effect should inflows accelerate. Long-time readers of this site will remember that I have a sweet spot for Uranium. I wrote about it back in 2019 but sold out during the first quarter of 2020 as the global equity markets collapsed and better opportunities presented themselves. At the time, the thesis, while directionally accurate, didn’t pan out as the supply deficit was insufficient to overcome above-ground stockpiles, capping price discovery.

In the year and change since I sold out, the overall supply deficit has continued to increase, while above-ground stockpiles have continued to be consumed. While uranium aficionados like to fixate on calculating the current deficit to the nearest decimal, for the sake of this post, let’s use some VERY broad numbers. The world is producing roughly 125 million pounds from primary mining, 25 million pounds from secondary sources and consuming roughly 180 million pounds, for an overall deficit of 30 million pounds a year. This deficit will only increase in future years, as additional reactors come online. If you want to quibble with my numbers, quibble away. I know I’m off by a few million pounds, but so is everyone else. No one really knows the true numbers—which is what makes commodity markets so fascinating in the first place. All that matters is that there is a deficit, it’s a big percentage of total production, new mines are not coming online at current prices and existing mines have had years of under-investment—hence production should continue to trail off without new investment.
How large are the above-ground stockpiles? No one knows. All we know is that they’re drawing down rapidly and outside of government entities, most of the stockpiles are spoken for by utilities, which are using their uranium to fabricate finished products for their reactors. However, a new class of investors has entered the market and they’ve completely upended the equilibrium.
Remember, GBTC?? I remember it quite fondly. What if I told you there’s another entity doing the same thing in uranium, but it is cornering the free float at a rate that makes the boys at GBTC look like amateurs? What if the free float is organically shrinking due to the supply deficit? What will happen as institutional investors jam themselves into a far smaller market? Fukit, who cares? Someone intends to conduct this science experiment; consequences be damned. Importantly, this entity is using an At The Market offering (ATM). Hence, it immediately produces free trading shares; increasing trading volume far more rapidly than GBTC with its 6-month hold—making acquisition by institutional investors possible and driving adoption. Basically, it’s GBTC 2.0—issue shares to buy product. Every day. Relentlessly. Except, against a smaller and shrinking asset class.
Remember, no one ever needs a bitcoin. Everyone who is long Bitcoin is a potential seller and on the way up, they’ll all eventually sell. Uranium is different—almost everyone who owns uranium today, owns it because they intend to consume it in their reactors—these owners are all incremental buyers going forward. In a market with a deficit, they’re all implicitly short uranium. With an entity buying up the free float, they’re going to get squeezed. We all know how squeezes work, but I don’t know of any similar scenario where the squeeze was as aggressive or blatant. The utilities are blissfully unaware, they’re eventually going to panic and pay any price for uranium as a reactor that runs out of uranium is just an expensive paperweight.

Sprott Physical Uranium Trust commonly known as SPUT (SRUUF– Canada), is the entity that has upended the uranium market. Since launching its ATM 13 days ago, it has acquired 2.7 million pounds of uranium. This is an average daily rate in excess of 200,000 pounds or roughly a third of global production on an annual basis. If GBTC is the roadmap to follow, as the price of uranium begins to appreciate, the inflows into the trust should accelerate. Interestingly, there are plenty of other entities also purchasing physical uranium, uranium that utilities were counting on for their future needs. The squeeze is on.
As expected, the utilities are blissfully unaware. Surprised?? I’m not. Utilities are quasi-governmental agencies, managed by the types of fukwits who’d work at your local DMV, except they enjoy stock options. The fact that they’ve ignored the coming squeeze shouldn’t be surprising. Inevitably, they’ll demand rate increases to buy back this uranium–it’s not their money anyway. This is your bid at some point in the future.
Commodities are determined by supply and demand. Uranium is a small market at roughly $6.3 billion in annual consumption (180 million pounds at $35/lb). SPUT has raised approximately $85 million in the 13 days since the ATM went live. It’s hoovering up supply and is already struggling to procure pounds, as shown by their increasing cash balance—cash that they’re legally forced to spend. Something is going to give here, and I suspect it’s the price of uranium.
In any case, when I saw the rate at which SPUT was issuing shares, I legged into a rather large pile of SPUT. I’m also long a few producers along with some juniors for extra kick. (Please don’t ask me which—if I wanted to name them, I would have). Uranium just broke out to 5-year highs. New highs bring in publicity, which often brings in new buyers and the cycle repeats. I like buying new highs from a big base—especially with SPUT out there playing Pac-Man. I pulled back my exposure all summer as I was awaiting something interesting. I don’t think I’ll see anything better than uranium for a while. Let’s just say that I’m suddenly back to being VERY fully invested.