Why Denison Mines, Energy Fuels, and Uranium Energy Stocks Soared More Than 10%

Uranium stocks are back in action. Stocks across the industry soared on Tuesday on the back of two big developments that have the potential to send uranium prices soaring. Here's how much the top-performing uranium stocks had rallied at their highest points by around 10:05 a.m. ET, Nov. 23:

If you look at the dizzying rally in uranium prices between July and September, you could easily single out the Sprott Physical Uranium Trust (OTC: SRUU.F) exchange-traded fund (ETF) as the one behind the run-up.

The thing is, global demand for uranium was painfully low until the Sprott Physical Uranium Trust Fund launched in July. The Fund started buying up physical uranium from the spot market to meet demand for its units from investors betting on the physical uranium ETF. By Nov. 22, the Fund had amassed almost 40 million pounds of uranium versus only 18.3 million pounds on July 31.

Source Fool.com