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Uranium now trades above $100, a 16-year high

Uranium trading prices have surged above $100 per pound, reaching their highest levels since late 2007, as demand for nuclear energy continues to rise globally. This remarkable uptrend is fueled by ambitious decarbonization goals and the commitment of the United States and 20 other nations to triple their nuclear power capacity by 2050.

China leads the charge in the nuclear energy push, with plans to construct 22 out of the 58 global reactors in development. Japan is also rekindling its nuclear ambitions, restarting projects to increase power output, and Finland recently marked the opening of Europe’s first new nuclear facility in 16 years.

You can read more on the matter here.

What’s going on?

• HHS Cannabis Rescheduling Recommendation Announcement Anticipated Soon (theDeepDive)

• 9 Arrested Over Secret Tunnel at An Iconic Brooklyn Synagogue (theDeepDive)

• U.S. airlines cancel over 1,600 flights due to massive winter storm (Reuters)

• Oil Prices Hit $80 Amid Escalating Middle East Tensions (theDeepDive)

• Platformer Leaves Substack Over Stance on Pro-Nazi Content (theDeepDive)

• Bill Ackman is creating an activist organization to fight antisemitism, reform higher education (CNBC)

• US-Led Coalition Strikes Houthi Targets in Yemen Amid Escalating Tensions (theDeepDive)

• Harvard University Faces Lawsuit Over Alleged Antisemitism (theDeepDive)

• Citi to cut 20,000 jobs through 2026, swings to $1.8 billion loss (Reuters)

• Biden’s Climate Goals May Pose A Problem for LNG Gains, US Foreign Policy (theDeepDive)

What’s the latest?

• Red Sea Conflict: The United States and Britain conducted air and sea strikes against Houthi military targets in Yemen in response to Houthi attacks on ships in the Red Sea. The strikes targeted various locations in Yemen, including a military base near Sanaa airport, a military site near Taiz airport, a Houthi naval base in Hodeidah, and military sites in Hajjah governorate. U.S. President Joe Biden stated that the strikes send a clear message against attacks on personnel and threats to freedom of navigation.

• Red Sea Impact: Tesla announced a temporary suspension of car production at its Berlin factory from January 29 to February 11 due to a shortage of components caused by disruptions in transport routes resulting from armed conflicts in the Red Sea. The company cited the impact of longer transportation times on supply chains as a significant factor.

• Long Oil: Oil prices surged over 2% following air and sea strikes by the United States and Britain on Houthi targets in Yemen, prompting some oil tankers to change course in the Red Sea. Brent crude futures rose 2.1% to $79.02 a barrel, while U.S. West Texas Intermediate crude climbed 2% to $73.53. The Red Sea attacks have already disrupted a vital shipping route, affecting about 15% of global shipping traffic between Europe and Asia.

• BTC ETFs: U.S.-listed bitcoin exchange-traded funds experienced a significant trading volume of $4.6 billion by Thursday afternoon, following the approval of these landmark products by the U.S. Securities and Exchange Commission on Wednesday. Eleven spot bitcoin ETFs, including those from major players like BlackRock, Grayscale, and Fidelity, commenced trading, marking a pivotal moment for the cryptocurrency industry. The SEC's approval marks the end of a decade-long struggle between the regulatory body and the cryptocurrency industry.

• Producer Prices: U.S. producer prices unexpectedly fell 0.1% in December, influenced by reduced costs for goods such as diesel fuel and food. The decline in the producer price index for final demand marks the third consecutive monthly decrease. This development supports the Federal Reserve's efforts to combat inflation, particularly as supply chains normalize post-COVID-19 disruptions. With services becoming a focal point in the inflation battle, the report suggests that inflation may gradually approach the Fed's 2% target.

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The stock market and stuff

• Grupo Mexico Considers Bid for First Quantum’s Spanish Copper Mine (theDeepDive)

• Meta offers Canadian Facebook users $51M to settle suit in 4 provinces (BNN)

• BlackRock Acquires Global Infrastructure Partners for $12.5 Billion, Hits $10 Trillion In Assets (theDeepDive)

• US bitcoin ETFs see $4.6 billion in volume in first day of trading (Reuters)

• eBay to Pay $3 Million to Settle Criminal Probe into Employee Harassment Campaig (theDeepDive)

In the juniors

• Centenario Gold Provides Update on Eden Property Drill Program and Closing of Private Placement Financing (JMN)

• Space company Momentus, once valued at more than $1 billion, is running dangerously low on money (CNBC)

• New Age Metals Announces Final Assay Results from Summer/Fall Program and Prepares for 15,000 Meter Winter Drill Program (JMN)

FULL DISCLOSURE: Lithium Chile is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Lithium Chile. The author has been compensated to cover Lithium Chile on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.