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.
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