Macro Voices MacroVoices #517 Justin Huhn: Uranium at The Tipping Point
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Jan 29, 2026 
Justin Huhn, founder and editor of Uranium Insider, provides market color on physical uranium and uranium equities. He discusses SPUT’s buying dynamics and how it can tighten the spot market. He covers miners versus physical allocations, global supply risks from Kazakhstan and enrichment capacity, and why inventories and contracting shifts make the market fragile and more seller friendly.
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SPUT Is A Marginal Price Mover
- SPUT's cash raising can materially tighten the physical uranium market and lift prices.
- Even with a lag, large ETF inflows become marginal buyers that move price in a tight market.
Combine Miners With Physical Proxies
- Diversify between uranium miners and physical proxies like SPUT or Yellow Cake.
- Hold a basket of miners plus a reasonable allocation to physical to reduce single-name mining risk.
Demand Tailwinds From Government And Tech
- Global nuclear targets and tech-company demand add significant upside to long-term uranium demand.
- Even conservative 10-year models show material demand growth from life extensions and reactors under construction.