Title: Haymaker Daily — Checking Up On "U" Show: Haymaker (Substack newsletter, paid) — Haymaker Daily Guest: The Haymaker Team / David Hay Date: 2026-07-22 URL: https://haymaker.substack.com/p/haymaker-daily-5b8 Length: n/a (written post) Note: Written newsletter — no video, no timestamps. Full paid-post body captured via Stephen's logged-in Chrome session; verbatim (chart placeholders bracketed).
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Hello, Haymakers:
First, a brief note on something unrelated to today's Daily topic.
We've received a bit of subscriber correspondence in recent weeks. While the Haymaker Team appreciates readers weighing in on the topics we frequently cover — as well as your trust in us to offer useful insights on those topics — we'll ask here that you use the Haymaker comments section for that purpose.
While direct email is less than ideal, we do see reader comments and in some cases reference in subsequent posts those we find interesting and/or relevant.
Our sincere thanks for your support of the Haymaker project.
Now, on to the Daily.
The Sprott Uranium ETF, a repeated recommendation of this newsletter, has eased back about 4% thus far in 2026, after a spike to start the year. From that level, it has swooned about 23%.
[Bloomberg chart]
Please be aware, though, that the spot, or near-term market, for uranium (U92, sometimes referred to as simply U) represents only 15% to 20% of total transacted volumes. The longer-term, or contract, market is where utilities purchase the large quantities of U they need to keep their reactors running. That recently closed at an all-time high of $94 versus the spot market at $85. For buyers of SRUUF at current prices, another discount is realized due to the effective U price of the Sprott ETF near $77. Over time, the spot price tends to work its way up toward the long-term contract price.
As you can see below, the present 10% discount to the actual value of SRUUF's U is unusually wide, though it has been even greater during market convulsions like Liberation Day. These episodes of larger discounts have typically preceded rallies, often in the range of 30% or more.
[Bloomberg chart]
When it comes to demand for U92 and its more refined version, U308*, also known as yellow cake, the following chart from great friend of Haymaker, Grant Williams, is a vivid illustration of how robustly it is almost certain to increase over the next decade. And, as numerous Haymaker Dailies have underscored, supply is extremely challenged. This raises the potential of a severe shortage of this essential energy source. (Grant is British, so please appreciate the sardonic humor in his "somewhat bullish for the uranium price..." comment.)
[TTMYGH chart]
The Haymaker Team
*To become usable in a reactor, U308 is converted into a gas, hexafluoride, and then enriched in centrifuges to make it a much more potent fuel.