SRUUF - Uranium shares surrender much of this week's big gains

Uranium stocks (URA -8.7%) turn sharply lower, trimming the recent surge powered in part by large purchases of the commodity by Sprott Physical Uranium Trust (OTCPK:SRUUF -6.7%). Many of the stocks have erased big gains built up since the start of the week: UROY -15%, OTCQX:FCUUF -13%, OTCQX:GLATF -12.1%, UEC -12.1%, UUUU -11.7%, NXE -10.6%, DNN -9.7%, OTCQX:PALAF -9.4%, CCJ -6.8%. Sprott's uranium buying spree has increased its stockpile by 45% in four weeks, potentially tightening the market and putting pressure on utilities and other consumers. Top uranium miner Kazatomprom tells Bloomberg it may agree to supply more of the metal to Sprott. Also, a group of Democrat lawmakers in D.C. are criticizing the U.S. Department of Energy's proposed uranium reserve that could boost American mining, Politico reports. The Biden administration has said creating a uranium reserve could help its clean energy goals, but the lawmakers warn of potentially adverse

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Uranium shares surrender much of this week's big gains