>Interested to hear why you think this may go up?Russia seems to...

>Interested to hear why you think this may go up?

Russia seems to be moving to an isolationist policy by selling American financial assets and moving to gold as foreign reserve. This has done them a favour with the rise of Covid-19. The idea is simple, why sell a finite resource, ie oil and Uranium for an infinite resource? ie The American Fiat currency, which can be printed to kingdom come. Better to buy gold and use this as the new reserve currency with China.

So you have Russia (a big energy producer) working with China (a big manufacture). China is US financial enemy number one and so faces isolation from the west as well. All you need is a deal with Europe and you have the Land base country vs the Sea based country lining up
(https://www.coursera.org/lecture/contemprorary-geopolitics/sea-power-vs-land-power-Eltq2)

Both Russia and China have made big strides in nuclear technology. Especially the idea of modular nuclear technology. Mass produce a small module, send it to site, once it's done bring it back to be recycled. Both countries are making deals with other countries which is resulting in relationships that will last 50 years. The US find itself shut out from these deals.

Anyway, there is a big push from the US public to go carbon neutral. While solar and wind can help meet this goal, it quickly becomes inefficient. What is needed is big scale, investment into nuclear technology to head off the Chinese and Russians. The only problem is Russia and it's friends produce over 50% of the world wide production of Uranium. To counter this the US needs a domestic production otherwise they could quickly find that they are at the mercy of Canada and Australia. Effectively they need a domestic production capacity to regulate price, in the same way they have a shale capacity to regulate oil price, the current energy source of the developed world.

Interestingly unlike oil and gas, once you have a nuclear power station running the fuel cost is almost irrelevant. So $100USD Uranium is quite workable as long as there is constant supply at that price. At these prices PEN becomes a gold mine.