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- Friday File: Beating Bitcoin
Dear SIA reader,
Forget Bitcoin, uranium running away.
And considering some dramatic uranium news, the uranium bull market has a lot left to run.
The news is enough to send uranium prices to over $100 per pound and keep a major run going.
The news comes from Kazatomprom, the world’s largest uranium miner.
Here the company’s press release:
“National Atomic Company "Kazatomprom" JSC ("Kazatomprom", "KAP" or "the Company") expects its 2024 production to be adjusted due to the challenges related to the availability of sulphuric acid, a critical operating material, as well as delays in completing construction works at the newly developed deposits, however remains committed to its 2024 delivery obligations.”
That’s a long-winded way of saying, “We aren’t going to grow as fast as we thought.”
That’s big news for the #1 in any industry.
But Kazatomprom is more than just the #1 in uranium…it’s 23% of the world’s mined uranium supply.
To put that in perspective we’ll compare it to oil.
Saudi Arabia is the king of oil.
A single announcement from it can send oil on wild swings.
And when combined with the rest of OPEC, Saudi Arabia has the power to determine whether you’re paying $2.00 or $5.00 per gallon.
Here’s the thing though, Saudi Arabia is just 13% of global oil production.
That’s why the Kazatomprom news is so big.
The uranium giant controls so much the uranium supply and problems with its production expansions are going to make sure a tight market stays tight (or gets even tighter).
That’s why uranium is outpacing even red-hot Bitcoin.
And, considering this news, uranium has all the potential to expand on its lead too.
All the best,
Andrew Mickey
Executive Editor, Shareholder Intel Action