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<ul class="summary-list"><li><keyword id="12128146" type="UNKNOWN" weightage="60" keywordseo="uranium-prices" source="Orion">Uranium prices</keyword> have climbed 60% in four weeks as an investment fund embarked on a buying spree. </li><li><keyword id="11957019" type="UNKNOWN" weightage="60" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword> commodity strategists say it may be hard to maintain robust investment demand into 2022. </li><li>The <keyword id="12128147" type="UNKNOWN" weightage="60" keywordseo="sprott-physical-uranium-trust" source="Orion">Sprott Physical Uranium Trust</keyword> has purchased a massive 28 million pounds since mid-August. </li></ul><a href="https://markets.businessinsider.com/commodities/uranium-price">Uranium prices</a> have shot up about 60% over the past month on the back of big purchases of the nuclear-energy element by an investment fund, but the rally is likely to lose steam next year, Morgan Stanley said this week. Spot prices for <keyword id="12062407" type="UNKNOWN" weightage="60" keywordseo="uranium" source="Orion">uranium</keyword> were at 2021 lows in August before they started advancing toward what's become a 58% gain in four weeks. The price traded above $47 on Friday and this week touched $50 for the first time since 2012, according to S&amp;P Global Platts. Morgan Stanley's commodity strategists in Europe said the Sprott Physical Uranium Trust is the driving force behind resurgent interest in uranium. The Canada-based fund is the only one that holds the physical commodity rather than futures contracts. Stronger investment demand for uranium is adding to a spot market that's already been active because of disruptions in mine supplies by the COVID-19 pandemic. The price rally has further to run but strategists Marius van Straaten and Susan said they are "not yet convinced" it can be sustained into 2022 as investor demand could struggle to maintain momentum. The Sprott uranium trust has been on a uranium buying binge in the spot market since mid-August following its inception in July. The fund has bought more than 28 million pounds of the radioactive element, including Thursday's massive <a href="https://twitter.com/Sprott/status/1438657757679341570">purchase of 1.45 million pounds</a> of so-called yellowcake. The <a href="https://sprott.com/media/4119/uranium-trust-presentation-deck.pdf">trust's investment case for uranium</a> includes its view that nuclear energy is a clean and efficient power source that's gaining favor among policy makers worldwide who are trying to reach carbon-reduction targets. "It needs to be seen how long the current rate of investment demand can be maintained, but some bulls argue that we won't see the price dipping if fund buying slows, as improved market liquidity has aided price discovery and revealed the 'true' spot price," said Morgan Stanley. "On the other hand, better visibility of previously hidden uranium stocks could become an overhang to the market, with outflows from physical funds also a potential risk," the strategists added. Morgan Stanley said uranium has joined a wider price rally in natural resources. But while "coal and natural gas prices are driven up by actual market tightness, uranium's underlying supply-demand fundamentals haven't meaningfully changed over the last few months to warrant this price surge." The World Nuclear Association sees a balanced market until 2028 through drawdowns in utility inventories and idled-mine supply returning, with the latter requiring that prices rise first. Industry consultancy UxC projects a drawdown in global inventories of as much as 30 million pounds a year. "Only when these utility inventories are worked off materially, the real need for a higher price to incentivize the return of idled supply will become more pressing, we think," said Morgan Stanley.The commodity strategists remain bullish on uranium in the medium term and forecast a price high of $49 a pound by 2024. "That said, the current investor-driven rally might not seamlessly transition into a 'real' deficit-driven bull market, and we could see some price weakness in between." Meanwhile, uranium stocks "finally got noticed by retail investors this week," said Vanda Research, which monitors trading activity among retail investors."Purchases were concentrated in the <a href="https://markets.businessinsider.com/etfs/global-x-uranium-etf-us37954y8710">Global X Uranium ETF</a> and <a href="https://markets.businessinsider.com/stocks/ccj-stock">Cameco</a>, which also experienced a sharp rise in call volumes - a sign that speculative retail investors are chasing the momentum," it wrote this week. Cameco is a Canadian uranium producer.

Uranium prices have touched multi-year highs but the rally looks unsustainable into 2022, Morgan Stanley says

<ul class="summary-list"><li><keyword id="12062407" type="UNKNOWN" weightage="60" keywordseo="uranium" source="Orion">Uranium</keyword> is surging thanks in part to one fund eating up hundreds of thousands of pounds per day.</li><li>The <keyword id="12062408" type="UNKNOWN" weightage="60" keywordseo="sprott" source="Orion">Sprott</keyword> Physical Uranium Trust has purchased over 24 million pounds of uranium.</li><li>That has coincided with uranium futures reaching $40.25 per pound, the highest level since futures briefly scraped $44 in 2014.</li></ul><a href="https://markets.businessinsider.com/commodities/uranium-price">Uranium</a> is surging thanks in part to one fund amassing hundreds of thousands of pounds per day, according to a report from <a href="https://www.bloomberg.com/news/articles/2021-09-08/uranium-surges-to-six-year-high-as-fund-buys-up-physical-supply">Bloomberg</a>.The Sprott Physical Uranium Trust, the world's largest fund holding the actual commodity rather than futures contracts, has grown swiftly since its July launch, shooting up more than 50% in line with the soaring heavy metal. Now with over $1 billion in assets, the trust has been gobbling up all the uranium it can get its hands on.Sprott has purchased over 24 million pounds of uranium, including more than 500,000 pounds in just one day, according to Bloomberg. That has coincided with uranium futures reaching $40.25 per pound, the highest level since futures briefly scraped $44 in 2014. Market dynamics have also boosted the heavy metal, as uranium-dependent utilities adjust to renewed energy demand. At the same time, the biggest uranium miner, Kazakhstan's <a href="https://markets.businessinsider.com/stocks/national_atomic_company_kazatomprom_jsc_spons_gdr_1-stock">Kazatomprom</a>, has committed to reduced production levels through 2023 in anticipation of uncertain demand, according to <a href="https://www.marketwatch.com/story/global-uranium-production-to-remain-constrained-kazatomprom-says-commodity-comment-271629966172">Dow Jones</a>. Despite lower production, higher prices meant the company's net profits jumped 32% year-over-year in the first half of 2021, according to <a href="https://www.reuters.com/companies/US63253R1023=TRE/key-developments">Reuters</a>.Energy demand has rippled across other commodity <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, too, with natural <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> and crude <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> prices nearing multi-year highs after reaching historic lows during the pandemic. Yet strong demand and higher prices have not been enough to revive US oil production, which has fallen and is <a href="https://www.wsj.com/articles/few-signs-of-recovery-for-u-s-oil-production-opec-says-11620734584">set for further declines</a>.

Uranium is at a 7-year high thanks to a single fund that has reportedly gobbled up 24 million pounds of the commodity

<ul class="summary-list"><li>Hedge funds are laying bets on uranium, a critical element in nuclear energy, Bloomberg reported.</li><li>The price of uranium has swung up by 125% since the end of 2020. </li></ul>Hedge funds are betting on the growing need for atomic energy. As a warming planet drives the shift away from fossil fuels, nuclear power has been gathering momentum as an alternative source of energy. For investors, it means there's a lot of money to make in uranium, the primary fuel for nuclear reactors.According to Bloomberg, hedge funds including Terra Capital, Segra Capital, and Argonaut Capital Partners are among those betting on shares of companies involved in the production of uranium. Swimming in the stream of investments are producers like Cameco Corporation, Energy Fuels, Ur-Energy, and NexGen Energy. The price of uranium has risen by a whopping 125% since the end of 2020, and uranium ETF assets grew twenty-fold in the same time, according to Bloomberg Intelligence.The Sprott Uranium Miners ETF, which holds shares of companies involved in uranium production and also holds the physical commodity, is up 40% this year. Nuclear power plants produce power by splitting an atom — uranium — which releases large amounts of energy in the form of heat and radiation. Uranium is the most commonly used metal in nuclear plants.There is not, however, unbridled enthusiasm across all uranium stocks. According to Bloomberg, some that have gained significant value, like Global X Uranium ETF, which has rocketed 30% higher this year, are now being shorted by hedge fund managers who are also on the lookout for shares that could stumble. According to the International Energy Administration, an estimated $40 billion has been invested into nuclear power every year for the past six years. That number needs to more than triple to reach the $125 billion annual investment required to meet net-zero emissions by the middle of this century. Nuclear power has been controversial among non-fossil fuel sources of energy since the Fukushima accident in Japan in 2011, when an earthquake caused three nuclear reactors to overheat and leak toxic radioactive elements into the environment. Thousands of people had to evacuate the area, and the site is still undergoing a clean up today.But as climate change impels governments and economies to commit to net-zero goals, nuclear power is back on the table–which means uranium is, too.

Hedge funds are pouring money into uranium stocks as they bet on a nuclear-powered future

<ul class="summary-list"><li><keyword id="12128146" type="UNKNOWN" weightage="60" keywordseo="uranium-prices" source="Orion">Uranium prices</keyword> have soared 50% this year and look set to climb even more, Bank of America said Tuesday. </li><li>The risk of bans on Russian <keyword id="12062407" type="UNKNOWN" weightage="60" keywordseo="uranium" source="Orion">uranium</keyword> imports by Western countries is contributing to driving up prices. </li></ul>The risk of Western import bans on Russian uranium supply has contributed to this year's surge in prices for the nuclear-energy element and Bank of America in adjusting its price outlooks foresees further gains. <a href="https://markets.businessinsider.com/commodities/uranium-price?utm_medium=ingest&amp;utm_source=markets">Uranium spot prices</a> have climbed 50% year-to-date in hitting $63.60 a pound, with most of that gain — 47% — taking place since <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> launched a war against Ukraine in late February, the investment bank said in a Tuesday research note. Russia is a key force in global uranium supply chains, in part as makes up 17%, or an estimated 34 million pounds, of total uranium supply for 2022. In terms of uranium conversion, the country accounts for around 20% of global capacity and 29% of estimated 2022 production. In enrichment, Russia accounts for 46% of global capacity. "To the best of our understanding, the war has not yet contributed to a direct disruption of shipments of Russia uranium products to the rest of the world. Rather, the price increase has been driven by concern about future disruption and a desire by market participants to lock in supplies in anticipation of that possibility," analyst Lawson Winder wrote. BofA said based on reporting by industry consultancy UxC, much of the activity driving up prices has come from the Sprott Physical Uranium Trust as opposed to utilities or producers."However, utilities have reportedly been active in the contracting market," leading to a push higher in the monthly UxC term price indicator. The Sprott Physical Uranium Trust is the world's largest fund holding the actual commodity rather than futures contracts. In early March, uranium prices hit their highest since Japan's Fukushima nuclear disaster in 2011. That move stemmed from reports that US President Joe Biden was discussing with the country's nuclear industry the <a href="https://markets.businessinsider.com/news/commodities/uranium-price-russia-sanctions-rosatom-nuclear-power-supplier-fukushima-disaster-2022-3">impact of potential sanctions against Rosatom</a>. The Russian state-owned company supplies nuclear fuel and technology to power plants worldwide and is involved in uranium mining and enrichment.The Biden administration in March banned <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3?utm_medium=ingest&amp;utm_source=markets">Russian oil and other energy products</a> but the action didn't include uranium. Some US lawmakers have introduced legislation to ban uranium fuel imports from Russia. Bank of America noted a Reuters report that said Russia had been considering banning US uranium exports. "Such bans would be positive for uranium," said BofA. "With minimal direct impacts, we see upward price pressure to date as driven by risk mitigation. We expect this to continue and then accelerate should direct impacts emerge," it said. It raised its uranium price estimates for 2022 through 2027 by 20% on average, and its 2027 long-term price estimate by 4% to $50 a pound on its view of cost curve inflation. For 2022, it raised its uranium price estimate 13.5% to $60.70 a pound. It also increased its price objective on Canadian uranium producer <a href="https://markets.businessinsider.com/stocks/ccj-stock">Cameco</a> to $37 (C$46) from $32 and reiterated its buy rating on the company.

Uranium prices have spiked 50% this year and are set to climb further on stockpiling and risk of bans on Russia exports, Bank of America says

<ul class="summary-list"><li><keyword id="6380984" type="UNKNOWN" weightage="60" keywordseo="kazakhstan" source="Orion">Kazakhstan</keyword>'s government resigned after a week of <keyword id="12902480" type="UNKNOWN" weightage="60" keywordseo="social-unrest" source="Orion">social unrest</keyword>, but turmoil in the country has intensified.</li><li><keyword id="12062407" type="UNKNOWN" weightage="60" keywordseo="uranium" source="Orion">Uranium</keyword> and <keyword id="12107782" type="UNKNOWN" weightage="60" keywordseo="crude-oil" source="Orion">crude oil</keyword> prices have spiked in the wake of the country's political upheaval.</li></ul>Prices of uranium and crude <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> have spiked as social unrest in Kazakhstan has created fears about reduced production and supply chain disruptions.The central Asian country is the world's largest supplier of uranium, accounting for about 40% of global output. Prices of the nuclear fuel jumped about 8% on Wednesday, according to commodity pricing agency <a href="https://www.spglobal.com/platts/en/market-insights/latest-news/metals/010622-kazakhstan-unrest-has-little-impact-on-mine-output-but-logistics-disruptions-feared">S&amp;P Platts.</a>Kazakhstan's government resigned on Wednesday after nearly a week of social unrest after a fuel market reform led to a price surge for <a href="https://www.reuters.com/markets/commodities/why-niche-fuel-market-reform-triggered-major-kazakh-protests-2022-01-05/">liquefied petroleum gas.</a> But the <a href="https://www.businessinsider.com/video-kazakhstan-protests-force-armored-military-tanks-retreat-2022-1?r=US&amp;IR=T">unrest has continued to intensify</a>, with fresh gunfire heard in Almaty, Kazakhstan's largest city, on Friday, the <a href="https://www.bbc.com/news/world-asia-59900037">BBC</a> reported. Kazakhstan's interior ministry said 26 "armed criminals" and 18 security officers have been killed in the turmoil, the news outlet added. Another 3,000 people have been arrested.Kazatomprom, the world's largest uranium miner, told <a href="https://www.reuters.com/markets/europe/worlds-biggest-uranium-miner-says-unaffected-by-kazakh-turmoil-2022-01-06/">Reuters</a> there have been no stoppages and that it's still fulfilling deliveries to customers.But uranium market participants are monitoring the situation closely, Sprott CEO John Ciampaglia told <a href="https://www.spglobal.com/platts/en/market-insights/latest-news/electric-power/010522-uranium-spot-price-jumps-on-investor-activity-kazakh-unrest">Platts</a> on Wednesday. The Toronto-based hedge fund is the investment manager to the Sprott Physical Uranium Trust Fund and a big buyer of the nuclear fuel."It seems to us that the social unrest is happening in the cities and the uranium deposits are obviously far away from those cities. But everything has to move around by truck and boat, and if those supply routes got impacted it could create delays," Ciampaglia told Platts.The turmoil in Kazakhstan has also pushed up crude oil prices, with Brent futures up about 6% this week.Production at Tengiz, Kazakhstan's top field, was reduced on Thursday due to disrupted train lines, <a href="https://www.reuters.com/business/energy/chevron-says-production-continues-kazakhstan-oil-venture-2022-01-06/">Reuters</a> reported, citing oil giant Chevron. The joint venture produces around 700,000 barrels of oil a day, and it wasn't clear how much output has been hit, Reuters added.The country is a major oil producer with an output of 1.6 million barrels of oil a day, according to <a href="https://www.reuters.com/markets/europe/oil-falls-one-month-high-opec-supply-plans-us-fuel-inventory-surge-2022-01-06/">Reuters.</a> That's just shy of 2% of the world's oil demand at about 97 million barrels a day, according to the <a href="https://www.eia.gov/outlooks/steo/report/global_oil.php">International Energy Agency.</a>

Uranium and oil prices have spiked as Kazakhstan's political upheaval spurs fears about reduced production and supply chain disruptions

<ul class="summary-list"><li>Three famed "Big Short" investors say gold remains a top long-term bet.</li><li>Danny Moses, Porter Collins, and Vincent Daniel went on CNBC to explain why they're bullish.</li></ul>Investors should be scooping up more gold for the long haul, according to three investors of "<a target="_blank" class="" href="https://www.businessinsider.com/big-short-michael-burry-investors-michael-lewis-stock-market-crash-2021-7">Big Short</a>" fame.Danny Moses, Porter Collins, and Vincent Daniel — three Wall Streeters who made a fortune betting against the housing market during the subprime mortgage crisis — says gold remains one of their top long-term bets in their portfolios.That's largely because of rising debt levels in the US, Collins said to <a target="_blank" class="" href="https://www.youtube.com/watch?v=SCElljq9SLc">CNBC</a> last Friday, with Daniel adding that the group saw a "<a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/us-debt-levels-fed-print-money-debasement-bank-of-america-2024-3">huge debasement</a>" of the US dollar in the coming years."It's too much," Collins said of the pace of government debt-taking. "Just think about that one dollar in your wallet. Tomorrow, it's worth what?"The US debt notched a record $35 trillion this year, according to US Treasury data, reflecting a <a target="_blank" class="" href="https://www.businessinsider.com/us-debt-outlook-56-trillion-cbo-government-budget-deficit-gdp-2024-6">rapid pace of borrowing</a> that's concerned economists for decades. Rising debt levels could fuel more hesitation among the US's debt buyers — something that could stoke inflation and hurt the value of the dollar, economists previously told <a target="_blank" href="https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4#:~:text=The%20government's%20soaring%20debt%20balance,future%2C%20economists%20told%20Business%20Insider.">Business Insider</a>.Collins and Daniel — the co-founders of Seawolf Capital — said they remained long on gold, gold miners, and precious metals like silver in their annual letter to shareholders. The financial firm has "bought almost every dip" in those assets over the past four years, the letter said.Moses, the founder of Moses Ventures, said in an email to CNBC that he had a "large long" bet on <a target="_blank" class="" href="https://markets.businessinsider.com/funds/sprott-physical-gold-trust-ca85207h1047">Sprott Physical Gold Trust</a>, which has rallied 16% so far this year.<a target="_blank" class="" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> has also outperformed US Treasurys in "any timeframe" in history, Collins added, suggesting it was a superior investment."I just don't think Americans have enough gold in their portfolio," Collins said. "This trade we've had on for a long time, I think it just continues. And I think in 1, 2, 3, 5, to 10 years, you're going to make a lot of money — more money in gold than you would in US Treasurys."Treasury auctions have been showing signs of <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/treasury-bond-crash-auctions-buyers-demand-yields-us-debt-deficits-2023-10">sagging demand</a>, partly due to concerns lingering over the US debt balance and higher-for-longer interest rates.The price of gold, meanwhile, has climbed over 16% so far this year, with the precious metal setting a <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-all-time-high-fed-rate-cuts-trump-presidency-2024-7">fresh record of $2,465 this month</a>.

'Big Short' investors are bullish on gold because money is devaluing too quickly

<ul class="summary-list"><li>Michael Burry of "The Big Short" fame revealed an $8 million wager on gold this week.</li><li>The renowned investor bought into a trust that owns physical gold bullion.</li></ul>It turns out Michael Burry isn't only a <a target="_blank" href="https://www.youtube.com/watch?v=i7OfuoyFL00">metalhead</a> when it comes to music.The investor of "The Big Short" fame purchased about 441,000 units of the Sprott Physical Gold Trust last quarter. The trust holds virtually all of its assets in physical gold bullion.Burry's Scion Asset Management revealed its first-quarter holdings in a regulatory filing <a target="_blank" href="https://businessinsider.com/big-short-michael-burry-q1-stock-portfolio-china-gold-puts-2024-5">this week</a>. The gold bet was worth $7.6 million at the end of March, ranking it as Scion's fifth-largest position with a 7.4% weighting in the firm's $103 million US stock portfolio.If the wager remains intact, it was valued at $8.1 million as of Friday, per Sprott's <a target="_blank" href="https://sprott.com/investment-strategies/physical-bullion-trusts/gold/#">bullion calculator</a>.Buying gold is a surprising move from Burry, a value investor known for <a target="_blank" href="https://markets.businessinsider.com/news/stocks/michael-burry-big-short-housing-bubble-crash-gamestop-meme-stock-2021-10">sniffing out dirt-cheap stocks</a> — including GameStop years before it became a meme stock.He's also bet against high flyers like Elon Musk's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-tesla-stock-price-crash-elon-musk-2022-12">Tesla</a>, Cathie Wood's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-tesla-stock-cathie-wood-ark-etf-2021-8">Ark Innovation ETF</a> , and a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-nvidia-stock-portfolio-microchips-etf-scion-2023-11">microchip ETF</a> that counts Nvidia as its top holding.Burry shot to fame for <a target="_blank" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-scion-housing-market-bubble-gamestop-stock-2021-9">predicting and profiting</a> from the collapse of the mid-2000s housing bubble. The saga was chronicled in the book and movie "The Big Short."John Paulson made his name with a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/john-paulson-shorting-housing-bubble-mortgages-defaults-philanthropy-career-advice-2021-9">similar wager</a>, immortalized in a book titled "The Greatest Trade Ever." Like Burry, the Paulson &amp; Co. chief appears to be bullish on gold and other precious metals.<div type="image" title="GettyImages 1187201824" height="512" width="1024" msid="110248467" hostid="261" sizebytes="16818"></div>Paulson's firm counted AngloGold Ashanti, Agnico Eagle Mines, Equinox Gold, Iamgold, International Tower Hill Mines, Novagold, Perpetua Resources, Seabridge Gold, and Trilogy Metals among its 18 holdings at the end of March, a <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1035674/000101359424000487/xslForm13F_X02/informationtable.xml">SEC filing</a> showed this week.Back in 2021, the veteran investor <a target="_blank" href="https://markets.businessinsider.com/news/stocks/john-paulson-inflation-warning-gold-price-mining-energy-commodity-stocks-2021-9">predicted</a> stubborn inflation would force the Federal Reserve to hike interest rates, spurring investors to dump their cash and other assets for gold. He argued the double whammy of surging demand and limited supply would cause the yellow metal's price to soar.Paulson's call proved prescient. The Fed has raised its benchmark rate from nearly zero to north of 5% in a bid to bring down inflation, and the price of gold has jumped from about $1,800 per troy ounce when Paulson touted it in 2021 to record levels above $2,400 in recent weeks.Burry correctly <a target="_blank" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-inflation-stock-market-crash-recession-fed-2023-7#:~:text=When%20inflation%20was%20at%20its,are%20yet%20to%20pan%20out.">predicted</a> inflation and rising rates as well, and appears to share Paulson's view that gold stands to benefit.However, it's worth pointing out that portfolio updates are only a snapshot of an investor's holdings on a single day, and may have changed by the time they're made public.They also exclude shares sold short, private investments, overseas holdings, and non-stock assets like bonds and real estate.Still, Burry's relatively large and uncharacteristic gold purchase is certainly notable — especially when one of the few other winners from the housing crash is also betting big on bullion.

Michael Burry and John Paulson hit the jackpot when they called the housing crash. Now they're betting on gold.

<ul class="summary-list"><li>Michael Burry published a first-quarter portfolio update on Wednesday.</li><li>The Scion Asset Management chief pared down his stock positions from 25 to 16 but boosted several bets.</li></ul>Michael Burry ramped up his bets on a raft of stocks while slashing his number of holdings last quarter.The investor of "The Big Short" fame pared down his portfolio from 25 positions to 16 in the three months ending in March, he revealed in a <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1649339/000090514824001390/xslForm13F_X02/informationtable.xml">quarterly portfolio update</a> on Wednesday. The total value of his holdings rose from about $95 million to about $103 million.Eleven holdings survived the period, and the Scion Asset Management boss added to all of them. For example, he boosted his stake in Alibaba from 75,000 shares to 125,000, his JD.com bet from 200,000 to 360,000, and his Star Bulk Carriers wager from 250,000 to 400,000.Burry also added five new holdings to his collection: Baidu, BP, First Solar, Sprott Physical Gold Trust, and Cigna. He also disposed of a bunch of stocks including Amazon, Alphabet, MGM Resorts, Toast, and Warner Bros. Discovery.The Scion chief is best known for his monster wager against the mid-2000s housing bubble, which was immortalized in the book and movie "The Big Short."He also drew attention for <a target="_blank" rel="" href="https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393?utm_medium=ingest&amp;utm_source=markets">investing in GameStop</a> more than a year before it became a meme stock in early 2021. The frenzy around the video games retailer reignited this week after one of its biggest proponents, investor Keith "Roaring Kitty" Gill, returned to social media after a yearslong hiatus.Burry's latest portfolio update didn't feature any put options. The investor has previously held the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-nvidia-stock-portfolio-microchips-etf-scion-2023-11">bearish options</a> on the S&amp;P 500 and Nasdaq indexes, Apple stock, a microchip ETF containing Nvidia, Elon Musk's Tesla, and Cathie Wood's flagship Ark fund.The value investor is well known for his <a target="_blank" rel="" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-stock-rally-dot-com-bubble-crash-2023-2?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">grave warnings</a> and <a target="_blank" rel="" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-meme-stocks-bed-bath-beyond-death-2023-2?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">grim predictions</a> about market crashes and economic catastrophes. For instance, he <a target="_blank" rel="" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-twitter-return-biggest-market-bubble-ever-2021-6?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">sounded the alarm</a> on the "greatest speculative bubble of all time in all things" in the summer of 2021, and <a target="_blank" rel="" href="https://markets.businessinsider.com/currencies/news/big-short-michael-burry-warns-meme-stocks-crypto-crash-coming-2021-6-1030534935?utm_medium=ingest&amp;utm_source=markets">cautioned that buyers of meme stocks</a> and cryptocurrencies would be caught in the "mother of all crashes."

'Big Short' investor Michael Burry exits Amazon and Alphabet — but boosts Alibaba and bets on Baidu

When America dropped its two atom bombs, Little Boy and Fat Man, over Japan in August 1945, it launched the world into a devastating new era of warfare. Nearly 70 years later, humanity is still trying to contain the fallout. But in its zeal to check nuclear proliferation, America--along with Israel--opened up yet another theatre of war: cyberspace.
In 2007 a computer worm called Stuxnet was detected for the first time by virus-scanning software, although signs of it may have existed unnoticed before that. At least three more versions followed, seeking to wreak havoc upon Iran's uranium-enrichment facility at Natanz. Stuxnet made itself busy. It turned valves on and off and meddled with the centrifuges, wasting uranium and damaging equipment. It succeeded in slowing Iran's uranium enrichment, and by extension its purported nuclear-weapons programmes, making Stuxnet the first documented case of cyber-warfare intended to cause physical damage.
Where Stuxnet fell short was in remaining hidden, thanks to a series of "flubs that should never have occurred", writes Kim Zetter in "Countdown to Zero Day", an authoritative account of Stuxnet's spread and discovery. In June 2010 a tiny antivirus firm in Belarus stumbled upon Stuxnet while investigating a malfunctioning machine in Iran. The worm contained a "zero-day exploit"--a previously undiscovered software bug--that brought it to attention. An unprecedented five "zero-day exploits" were eventually found in the code. Researchers also discovered that Stuxnet had used a stolen digital certificate, the foundation of the internet's web of trust, bringing the worm further renown.
Such attention-grabbing tactics were the first mistake. The second was failing to anticipate the willingness of security experts to make up for the shortcomings of Iranian investigators. Researchers at Symantec, and Kaspersky, an American and a Russian computer-security company, tore apart Stuxnet and its siblings for more than two years in a bid to reveal the full range of their abilities.
Had Ms Zetter, a reporter at Wired, stopped at simply recounting this saga, "Countdown to Zero Day" would be an interesting record of an intriguing worm of little interest beyond security specialists. But the book deserves a wider audience for its sobering message about the vulnerability of the systems--train lines, water-treatment plants, electricity grids--that make modern life possible. These industrial control systems are increasingly hooked up to the internet, allowing remote access. Passwords are seldom changed from the systems' defaults. Security updates are rare. Firewalls and network logs are inconsistent. Warnings are ignored. Little surprise, then, that researchers have been able to simulate shutting down energy grids, infiltrating water plants and destroying generators. A 14-year-old in Poland derailed four trams in 2008. Another teenager took down communications at a Massachusetts airport. Utilities today encourage the use of internet-connected "smart meters" in homes. The attackers of tomorrow could very well use them to black out entire cities.
Despite the opportunity, the world has yet to see a sequel to Stuxnet. But "given the varied and extensive possibilities for conducting such attacks," Ms Zetter writes, "...it is only a matter of time until the lure of the digital assault becomes too irresistible for someone to pass up." Containing this new proliferation will be even harder. It takes money, raw materials and large facilities to develop nuclear weapons. A cyberwarrior needs only a computer and an internet connection to wreak havoc.
Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist

Here's How Cyber-Warfare Started And Where It's Going

A forgotten war technology could safely power Earth for millions of years. Here's why we aren't using it

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersUS Secretary of State Kerry makes statement to media before closed door briefing with House members on Iran nuclear deal in Washington</div></div></div>Secretary of State John Kerry, Secretary of Energy Ernest Moniz, and Secretary of the Treasury Jack Lew appeared before the Senate Foreign Relations Committee on Thursday to answer senators' questions on the historic nuclear agreement reached with Iran last week.Republican presidential candidate and US Sen. Marco Rubio (R-Florida) asked about a provision of the agreement that seems to obligate the US and its negotiating partners to help protect Iranian nuclear sites against potential outside attack.According to Annex III, the agreement's section on "civil nuclear cooperation," <a href="http://apps.washingtonpost.com/g/documents/world/full-text-of-the-iran-nuclear-deal/1651/">the signatories commit to</a> "co-operation through training and workshops to strengthen Iran's ability to protect against, and respond to nuclear security threats, including sabotage, as well as to enable effective and sustainable nuclear security and physical protection systems.This provision of the deal doesn't mention any countries by name. But Rubio wondered if this was included in the deal because of Iranian concerns related to a specific US ally."If Israel decides it doesn't like this deal and it wants to sabotage an Iranian nuke program or facility, does this deal that we have just signed d obligate us to help Iran defend itself against Israeli sabotage or for that matter the sabotage of any other country in the world?" Rubio asked.Moniz replied that "all of our options and those of our allies and friends would remain in place" after the deal goes into effect. Kerry then jumped in to explain the provision's specific purpose: "To be able to have longer-term guarantees as we enter a world in which cyberwarfare is increasingly a concern for everybody that if you are going to have a nuclear capacity, you clearly want to be able to make sure that those are adequately protected."Of course, one of the most effective acts of geopolitical cyberwar in modern history was launched by Israel at the Iranian nuclear program. In 2010 the computer bug Stuxnet, which is <a href="http://www.wired.com/2014/11/countdown-to-zero-day-stuxnet/">believed to have been a US-Israeli creation</a>, caused Iranian centrifuges to malfunction and slowed down the growth of Iran's uranium enrichment capacity. Stuxnet sewed confusion inside the Iranian nuclear program and arguably bought the US and its partners the critical time and political maneuverability needed to pressure Iran into a negotiated solution to the nuclear issue.Israel is also believed to have <a href="http://www.al-monitor.com/pulse/en/originals/2014/09/israel-shin-bet-espionage-cyber-warfare-attacks-netanyahu.html">some of the most advanced cyberwarfare capabilities</a> of any country on earth, to the point where the National Security Agency reportedly <a href="http://www.newsweek.com/israel-flagged-top-spy-threat-us-new-snowdennsa-document-262991">considered Israel to be a potential electronic warfare proliferator</a>.<div class="KonaFilter image-container display-table"><div><div class="image on-image">International Iran Photo Agency/Ebrahim Norouzi/AP Iranian technicians work at the Bushehr nuclear power plant in Iran. The country's nuclear chief said on Nov. 23, 2010 that Stuxnet had not harmed Iran's atomic program, and accused the West of trying to sabotage it. Iran had earlier confirmed that Stuxnet infected several personal laptops belonging to employees at the Bushehr nuclear power plant but that plant systems were not affected.</div></div></div>"If Israel conducts a cyber attack against the Iranian nuclear program are we obligated to help them defend themselves against an Israel cyber attack?" Rubio asked Kerry.Kerry didn't exactly say no. He was, however, confident that Israel wouldn't attempt a cyber attack on Iran without US help. By implication, relations between the US and Israel aren't so damaged that Israel would launch such an attack without US help, meaning that if Israel did attempt to sabotage the Iranian nuclear program, it would be doing so in a world in which the nuclear agreement was no longer in effect."I don't see any way possible that we would be in conflict with Israel with respect to what we might want to do there and we just have to wait until we get until that point," Kerry said, cryptically - "that point" referring to a future time at which Israel believes it's necessary to sabotage Iran's nuclear program. It seems that at that juncture, the US would have to determine whose side to take.Kerry's statement highlights some of the Iran deal's unknowns. The deal actually obligates the US to render various forms of assistance to Iran's nuclear program, as the signatories also committed to helping Iran construct a fuel fabrication facility that would let Iran convert enriched uranium into fuel assemblies for civilian nuclear reactors.In the deal, the US and its partners actually agree to help build and protect the nuclear program of a country whose leaders openly talk about destroying a major US ally - and that represents a potential security threat to several other US regional partners as well. <div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Brendan SmialowskiU.S. Secretary of State John Kerry (L), U.S. Secretary of Energy Ernest Moniz (2nd L), Head of the Iranian Atomic Energy Organisation Ali Akbar Salehi (2nd R) and Iranian Foreign Minister Javad Zarif (R) wait with others ahead of a meeting at the Beau Rivage Palace Hotel in Lausanne on March 26, 2015.</div></div></div>The logic of the deal is that this assistance serves the critical goal of preventing Iran from obtaining a nuclear weapon. Protecting against sabotage undercuts future Iranian accusations of bad faith that could potentially sink the fragile trust between the deal's signatories. And assistance on fuel fabrication could make it easier for the international community to monitor the entirety of an Iranian fuel cycle that they themselves helped build.At the same time, it's unclear what happens to this cooperation if trust between the US and its allies begins to fray as the deal progresses: If Israel ever decided it was necessary to launch cyber attacks on Iran's nuclear facilities at a time when the US considered Iran to be in compliance with the deal, would America be obligated to side with an enemy state against a longstanding friend? Kerry wasn't exactly sure - and the American public might only find out the answer to that question if the deal is ever tested in reality.Under the Iran Nuclear Agreement Review Act signed into law in May, Congress has a 60-day period to review the nuclear deal, at which point it can choose to vote on a nonbinding resolution of approval, or on a resolution of disapproval that would prevent the president from suspending sanctions against Iran, effectively preventing the US from upholding its side of the accord.President Barack Obama would veto a resolution of disapproval if passed, and the chances of deal opponents getting the two-thirds majority <a href="http://www.businessinsider.com/how-congress-can-veto-iran-deal-2015-7" target="_blank">needed for a veto override are pretty slim</a>. But the review process still allows deal opponents to lodge their objections, and it lets the American public see the most important US negotiators defend the agreement on its merits. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/waterfall-climbing-fish-goby-evolution-hawaii-2015-5">Scientists are astonished by these Goby fish that can climb 300-foot waterfalls</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="djMXJkdTpXxb0FwhBHlUoNNT3m6RuJH9" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "sprott physical uranium trust" and got 11 results

Uranium prices have touched multi-year highs but the rally looks unsustainable into 2022, Morgan Stanley says

Carla Mozée

Uranium is at a 7-year high thanks to a single fund that has reportedly gobbled up 24 million pounds of the commodity

Ethan Wu

Hedge funds are pouring money into uranium stocks as they bet on a nuclear-powered future

Aruni Soni

Uranium prices have spiked 50% this year and are set to climb further on stockpiling and risk of bans on Russia exports, Bank of America says

Carla Mozée

Uranium and oil prices have spiked as Kazakhstan's political upheaval spurs fears about reduced production and supply chain disruptions

Huileng Tan

'Big Short' investors are bullish on gold because money is devaluing too quickly

Jennifer Sor

Michael Burry and John Paulson hit the jackpot when they called the housing crash. Now they're betting on gold.

Theron Mohamed

'Big Short' investor Michael Burry exits Amazon and Alphabet — but boosts Alibaba and bets on Baidu

Theron Mohamed

Here's How Cyber-Warfare Started And Where It's Going

The Economist

A forgotten war technology could safely power Earth for millions of years. Here's why we aren't using it

Dave Mosher

John Kerry gave a revealing answer on whether the US will help protect Iran's nuclear program from an Israeli cyber-attack

Armin Rosen

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