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Cameco Uranium Stock Hits All-Time High

Commodities / Uranium Nov 28, 2023 - 06:56 PM GMT

By: The_Energy_Report

Commodities

Cameco Corp. (CCO:TSX; CCJ:NYSE) — the godfather of the uranium trade — has moved to all-time highs, with the spot price hitting US$80.00/lb.


From Trading Economics:

"Uranium prices in the U.S. surged past US$80 per pound for the first time since January 2008 in November, soaring past pre-Fukushima disaster levels amid high demand and risks to supply. Fossil fuel volatility and decarbonization goals drove countries to extend the life of existing generators and increase investments in new plants, led by China's pledge to build another 32 nuclear reactors by the end of the decade. The optimistic demand outlook aligned with lower nuclear fuel inventories for utilities, triggering large near-term purchasing activity. The latest data showed that European inventories fell by 21% since 2018. Supply of enriched uranium has turned scarce as Western generators shunned a portion of Russian nuclear fuel, compounding shipping halts due to insurance restrictions and stressing capacity limits for Western enrichers. Additionally, some miners in Niger suspended operations due to the country's coup, while Canada's Cameco revised production for the year sharply downwards."

The CCJ March US$40 calls closed at US$7.00, and I am using the proceeds of the sale of the SPY calls to add to the position by way of the March US$45 calls:

  • Buy 20 calls CCJ March US$45 at US$4.25 limit
  • Target is US$52-55 by year-end.

Follow Michael Ballanger on Twitter ;@MiningJunkie.

Originally trained during the inflationary 1970s, Michael Ballanger is a graduate of Saint Louis University where he earned a Bachelor of Science in finance and a Bachelor of Art in marketing before completing post-graduate work at the Wharton School of Finance. With more than 30 years of experience as a junior mining and exploration specialist, as well as a solid background in corporate finance, Ballanger's adherence to the concept of "Hard Assets" allows him to focus the practice on selecting opportunities in the global resource sector with emphasis on the precious metals exploration and development sector. Ballanger takes great pleasure in visiting mineral properties around the globe in the never-ending hunt for early-stage opportunities.

Disclosure: 1) Statements and opinions expressed are the opinions of Michael Ballanger and not of Streetwise Reports or its officers. Michael Ballanger is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation. Michael Ballanger was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. 2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Charts provided by the author.

Michael Ballanger Disclaimer: This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.


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