We Haven't Done This Since Eisenhower

By Ed D'Agostino | September 29, 2023

Uranium is on a tear. It’s shot up 18% since December.

Uranium, as I’m sure you know, provides fuel for nuclear reactors. Unlike other clean energy sources such as wind or solar, nuclear can provide baseload energy 24/7.

That is a big reason behind nuclear energy’s reputational makeover. The percentage of US adults who favor expanding domestic nuclear power capabilities has jumped from 43% in 2020 to 57% today, according to Pew Research.

From where I sit, though, uranium’s story is a national security story…

Today on Global Macro Update, I sit down with Amir Adnani, the CEO of Uranium Energy Corp. (UEC) to discuss US energy policy and the critical role nuclear plays for the US military, NASA, and artificial intelligence-backed technologies. (Full disclosure: I personally own shares of UEC.)

Amir highlights that up until last year, 60% of US uranium imports came from Russia and its satellite states, Kazakhstan and Uzbekistan. We delve into Russia’s stranglehold on the global uranium supply and enrichment process, the new US strategic uranium energy reserve, and the limits of relying on Canada for uranium imports.

As for uranium prices, Amir says this looks like a “supercharged” version of 2007. Take a look at the chart below, which shows uranium prices since 2003 to see what he means.

In our interview, you will also hear:

Why Microsoft (MSFT) is betting on small nuclear reactors

How three barrels of uranium can produce the same energy as 300,000 barrels of oil

Why the US is taking steps it hasn’t since the Eisenhower administration to repatriate the nuclear supply chain—and what that means for America’s aircraft carriers and submarines.

You can watch my full interview with Amir Adnani on YouTube by clicking the image below.

A full transcript of our conversation is available here.

What Does “Macro” Mean to You?

My team and I are working on an exciting new macro-investing project. As a Global Macro Update subscriber, you will be among the first to hear more about it in the weeks ahead.

For now, we would like to hear from you. Please take a moment to click the link below to add your thoughts to our one-question survey:

What does “macro investing” mean to you?

Thank you for joining me this week at Global Macro Update. Please consider subscribing to our YouTube channel. It helps us attract new viewers.

You can send me your comments on X (formerly Twitter) @EdDAgostino.

Best regards,

Ed D’Agostino
Publisher & COO

Don't let friends miss this timely insight—
share it with your network now.