L2 Capital Podcast #01: Chat with Rick Rule – The Uranium Bull Market

The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.


In this first episode, Marcelo had the pleasure to talk to legendary investor Rick Rule, CEO at Sprott, Canadian company that works as a global investment and asset management focused in natural resources and precious metals.


The first discussion with Rick Rule is about the newly started bull market in uranium, after a long period of bear market, which led the metal to be traded way below its cost of production. The investor describes the journey of uranium in its last high cycle, highlighting the impressive numbers that marked it, until the Fukushima disaster. This sad event, which marked the beginning of the fall of the commodity, created the conditions that will lead to a new cycle of strong appreciation. Rick Rule compares the situation at present with that of 15 years ago and gives his explanation as to why uranium mining companies did not rise as hard as uranium itself in 2018.


Looking ahead, Rick Rule talks about the risks facing the United States because it produces less than 3 percent of its own uranium demand and how China and Russia are impacting this market. According to him, the competition will occur between these countries. The investor then discourses about his outlook and highlights the likelihood of competition for African mining assets.


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