Why Uranium Stocks Plunged Today but Could Rebound Quickly
Uranium stocks plunged today as the broader markets slid on fears of soaring inflation and a looming recession, what with a majority of leading economists even predicting the U.S. will slip into a recession in 2023, according to The Financial Times.
Ironically, the business environment couldn't be more conducive for uranium stocks. One of the miners, in fact, even announced a big acquisition this morning; and President Joe Biden's latest plan could mean big days ahead for local uranium miners. Yet as panic selling gripped the markets, here's how some of the popular uranium stocks were faring as of noon Monday (all had dropped even lower earlier in the day):
Prices of nearly all types of commodities -- including precious metals, agricultural products, and energy -- fell on Monday. Uranium prices, though, held pretty firm at around $52.40 per pound as of this writing, according to data from TradingEconomics.com, having rebounded over the past three weeks or so. For context, uranium prices had shot up almost 50% this year through mid-April when they hit 11-year highs of $64.50 per pound before swiftly reversing course.
Source Fool.com
