Acorn - Long Uranium
Shh... Don't tell Jared Dillian
Originally published. February 2nd 2023.
I hesitate before writing up an Acorn on Uranium. It is an amazing macro / fundamental story that has an almost perfect track record as a heartbreaker of a trade.
‘The Great Uranium Short Squeeze’ is always just around the corner. It does, however, feel that the themes are lining up and that 4 major drawdowns in 2 years have rinsed most of the hot money flows out of the sector.
A number of new catalysts have come in to play – overfeeding and geopolitics. Could this time be different?
We are buying the Sprott Physical Uranium Trust outright, with an overlay of January 2024 call options on Cameco Resources and URA (the Global X Uranium ETF)