The price of uranium has started to move higher again – after several weeks of consolidation at 15-year highs. 

The news led uranium mining stocks to surge at the start of the new trading week.

The spot price of uranium moved up to an asking price of around $76/lb, which is a multi-year high. 

Another catalyst for the sector was Sprott Physical Uranium Trust appeared to be back in the market buying up uranium. 

The trust holds and invests in uranium in the form of uranium oxide in concentrates (U3O8).

The activity in the sector is starting to gain traction, as the demand story builds and supply models suggest the price of yellow cake, needed to power nuclear energy needs to move to bring new mines to market. 

Major uranium players all moved up as the news tricked down to investors who have started piling into stocks.

North American uranium stocks lead the way with Uranium Energy Corp (NYSE:UEC) +5.5% & Denison Mines Corp (NYSE:DNN) +5% on Monday.

In Australia, uranium players also picked up steam. 

The big movers were (ASX:CXU) + 18%, (ASX:92E) +11% – two stocks we recommended last week in our ASX alerts column. 

Earlier, Wall Street analysts suggested uranium spot must go to at least $120/lb to move more uranium mines into the market. With a spike to $300/lb from 2024 a possibility in some model projections seen by Green Investing Co.

The price of uranium is poised for explosive growth, modelling undertaken by Wall Street investment firm Goehring & Rozencwajg suggests.

In an analysis presented to clients and the wider investment community, Goehring & Rozencwajg see a scenario where uranium spot prices “could move chaotically to the upside” by the end of 2024.

The paper also suggests the market looks very much like it did in the mid-2000s when uranium spiked to $140/lb+ in short order.

In a later video, analysts said they expect a huge rally in uranium into 2024 and beyond as demand far outstrips any supply in the mid term.