What Uranium Bulls Get Wrong & How Bill Gates Is Backing Nuclear with Jan Stuart

Jan Stuart has one of the most fascinating jobs in finance. As an energy analyst at investment bank Piper Sandler, he not only monitors trends in the energy markets, but also the spiderweb of geopolitical forces that affect how (and if) 8 billion people across the globe keep the lights on.
In the latest Global Macro Update interview, Jan and Mauldin Economics COO Ed D’Agostino discuss nuclear energy’s “green” makeover, the private support Bill Gates is pouring into nuclear development, and whether uranium bulls are too early to the party.
You can learn more about Jan Stuart here: www.pipersandler.com/about/peo...
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Time stamps:
00:00 Intro
00:46 Investor and environmental interest in uranium
07:26 Time horizon on nuclear energy boom and Bill Gates’ support
11:14 Cybersecurity and non-kinetic terrorism risk
13:39 Nuclear energy’s role in US and global power generation
24:39 Big moves in the uranium market
28:31 Outlook on oil and gas prices
41:54 Recession calls
42:40 America’s energy insurance policy

[@bobhill4582]

Ed, you are the one with the most interesting job being able to interview such interesting people. Thank you!

[@peterchung7151]

Excellent interview & perspectives from Jan. He has a much broader & longer term view than most content on uranium investing on the net.

[@connietank2568]

We have Palo Verde in Arizona. The largest nuclear plant in the U.S. It can power 32 million homes. Operating safely for 30 years. So what is the problem people? It is clean carbon free power.

[@orlandovlore4873]

No one died from any nuclear accident besides chermobil= human error

[@sanpedrosilver]

Talk to Justin Huhn, Mike Alkin or Mark Nelson. So many countries have done a 180 on nuclear power. When people do their homework, they realize nuclear is safe, clean, and necessary for the foreseeable future. So much going on in the space. The 3 guys mentioned above can explain. Cheers

[@stevenoliver7120]

Most of the gains in uranium mining stocks will occur because of large amounts of money trying to get into a very small sector. Of course they will be seriously overvalued at that point and should be sold. It could be very exciting for speculators but you don't want to be the last to sell.

[@myutube8x]

Thank you for all the good new information. I think anyone who is or wants to be positioned in uranium must also listen to youtube videos on the subject hosting Rick Rule, Justin Huhn, Lobo Tiggre and others. I think they are saying now is an excellent time to invest in uranium (if not before) as the utilities are starting to secure supplies from the term market these months.

[@alang8850]

I do not believe t many of his points on nuclear are just wrong. The current nuclear demand is not driven by new builds but the plant life extensions (France just did this as well as US), the Japanese restart and the demand /supply imbalance has finally corrected. For many years the mine production of nuclear was far less than demand. The gap was filled via the Japanese plant shutdowns, (now reversed) and the decommissioning of nuclear weapons. I strongly urge you to read and invite Jason Huhn as a guest. His nest five years is not predicted on new builds. Separately, Westinghouse just received a Polish contract and south koreans just put a plant on line both in budget and time. Also GE/Hitachi. is a big player. Separately if there is an event, this will derail the whole story. I am concerned that an event will happen in the Ukraine.

[@alang8850]

one more point, there has never been any issue with nuclear waste

[@mathieujasinski2383]

There are the ones who list the obstacles, and those who ride trough them. Mr. Stuart will travel in the last coach.

[@wsv1975]

This is the very best interview on energy i have ever heard.

[@MauldinEconomicsYouTube]

Thank you! -Ed

[@dillonsawyer9377]

You can put them anywhere at specified locations. You should be looking into Ontario Hydro

[@47allenr]

Another great interview. It would be interesting to invite Mr. Stuart back in about a year to see how his oil price predictions held up and get his take on 2024-25. Also, very intriguing commentary on the SPR.

[@segasys1339]

Interesting that he mentions the DOE downblending weapons grade uranium from the American arsenal, I hadn't heard of that before! For reference, the Megatons to Megawatts program downblended ~20k Soviet warheads (out of 45K) that supplied the market with 20 million pounds per year between 1993 and 2013. There's no chance there will be anything like that forthcoming from the American arsenal.

[@jeffklugman9757]

if i recall correctly, there are other countries on earth besides the u.s. china, india, etc are building nuclear plants at scale.

[@piddle5128]

Great stuff. I think that because of TMI humanity missed the logical 'next' energy adoption. We should be driving nuclear power cars by now.

[@gibbogle]

Cars? No.

[@RationalSpeculator]

I think Stuart got most things right, though he missed S. Korea as a prominent & very efficient builder of large nuclear reactors. He may well be underestimating uranium demand. He's no doubt correct that the many SMR designs will be narrowed down to a few for mass production, but the demand & scope could be massive. Whenever a SMR company goes public, I look at buying in. I know of only 2 (excluding large companies with SMRs as a small component).

[@hzj7920]

Maybe amongst the G7 nations. You are missing the whole point that the BRICS is what will determine the uranium demand moving forward. On that same note the south doesn’t care for the British or American SMRs. As the conflict in ukraine has shown the western equipment has much to be desired when faced with decent competition. People still don’t realise that the demand for the USA arms has dropped by over 50% worldwide. No one will buy overpriced when same can be our he’s for 25% from Russians or Chinese.

[@B-H76]

Why is the dude on the right, staring lasers into the audience with his eyes

[@chrisdark999]

It would be much better to have a U3O8 expert on this channel;

[@kenskaer4311]

Lololololol!!!!!! “Uranium is something we don’t look at on a weekly OR monthly basis”. Why don’t you interview a uranium person next time? The supply-demand deficit is out of this world.

[@dmounts9999]

... or someone like Rick Rule or Eric Sprott.

[@kirstinstrand6292]

Erik Townsend just produced videos (KZbin) explaining the necessary transition from FF to nuclear and other possibilities. Eventually, we will run out of oil. This is the reality. Save the planet or die. ESG is too slow, not to mention the breakdown of turbines.

[@scottburleson4882]

Mr. Stuart please can you explain your racist comment about disgruntled white men?