| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 570 | $57.20 | $32,604 | 1.33% | $54.98 | $1,267 | +4.0% | — |
| ROTH | 189 | $57.20 | $10,811 | 4.22% | $54.55 | $501 | +4.9% | — |
| Total | 759 | $43,415 | 0.97% | $1,768 | +4.2% | — |
In short: His gauge for sector pain: URNM is "40% from that spike" at the end of January, when it went over $80 "and we did sell some into that." The equities stay "beholden" to overall risk appetite for now, but he sees "more of an opportunity rather than a trap" and expects prices to climb in steps that "drag equities along kicking and screaming."
URNM is a fund holding a basket of uranium mining stocks. Mart uses it as a gauge: it rose above $80 in January, when he sold some holdings, and is now about 40% lower even though uranium prices kept rising.
He thinks uranium stocks still move with the overall market's appetite for risk, which has been hurt by the dollar, wars and bond-market stress. Over time he expects rising uranium prices to pull the stocks up, so he sees the drop as "more of an opportunity rather than a trap."
16:21You would have reasonably, if you took all that information without the context of the price action, you would have reasonably been very bullish and expected to be closer to highs. But here we are with URNM being what 40% from that spike that we saw earlier this year at the end of January — which we went over $80 and we did sell some into that — because the start of the year just got too incredibly bullish. Things got too big for their own boots if you will and at that point what I told
In short: "The bull market continues." (The basket remains how he expresses uranium — the same issue sells the single-name junior, Global Atomic.)
URNM is a basket of uranium mining companies rather than a single one. This issue shows exactly why he prefers it: in the same breath he sells a single uranium junior (Global Atomic) over a dilution problem and writes of the basket, "the bull market continues."
A basket cannot be destroyed by one company's failed financing, one bad drill result or one management error. In a sector where individual juniors regularly lose most of their value on company-specific news, owning the group keeps you exposed to the commodity thesis while removing the single-name risk that just cost him money.
In short: "The uranium term price has now moved up to $97/lb. And people wonder if uranium is a bull market." Uranium stocks have pulled back quite a bit, "but to my mind this is another opportunity to buy if one has not entered the trade. The price of uranium has a lot higher to go in my view."
Utilities do not buy uranium at the daily spot price; they sign multi-year supply contracts at a negotiated "term" price. That term price just hit $97 a pound — a record — which is the clearest evidence of real, contracted demand. Meanwhile the shares of uranium miners have fallen hard.
Polomny reads that gap as the opportunity rather than a warning: the fundamentals set the term price, and sentiment is lagging. This ETF holds a basket of uranium miners, so it captures the sector's leverage without betting on any single mine's execution — his standing rule after watching junior names collapse on one bad drill result. "The price of uranium has a lot higher to go in my view."
In short: The proxy Huhn uses for uranium equities in his two monthly ratio charts. URNM −14.2% in June to $52.59 (−38.1% from the January high); the URNM/spot-uranium ratio fell −14.5% and URNM/SPX −13.6%, the latter "fully broken down to levels not seen since last August, with very low RSI potentially offering an attractive entry point very soon."
Full passage: premium transcript (PDF).
In short: "I want to buy the URNM or the NUKZ… on a little bit more pain" like April–May 2025 — be in the commodity when you expect volatility, rotate into the miner ETFs during the big drawdown.
URNM holds the uranium mining stocks. He wants to own it — but not yet. Uranium equities are a famously volatile, retail-heavy sector that falls 30–45% in broad market shocks (it happened in the 2025 trade war and the 2024 yen-carry blowup). His sequencing: hold the physical-uranium trust now, and rotate into the miner ETFs "on a little bit more pain" — during the big washout he expects.
45:59It's almost six, but Camo's up 4% still. So the underperformance of the commodity gets me excited right now. And I think I want to buy the URMM or the NUKZ, which is the ETFs that own these companies. I want to buy them on a little bit more pain like we had last April, May of 2025 with the trade war.
In short: Being lightened along with Cameco/NUKZ — institutional money rotating out of uranium miners into the commodity (SRUUF).
URNM is a fund holding a basket of uranium-mining companies. He's reducing it for the same reason as Cameco.
He sees big institutional investors rotating out of uranium miners and into the physical commodity, and he's doing the same — still bullish on the theme, just switching how he owns it.
22:19And the contract buyers, right, are starting to The contract buyers in the uranium side, which are the big utilities, they've been kind of dealing from strength for a long time because they've always had excess supply. Now, there just isn't enough uranium for all these data centers. So, the SRUUF we've actually been lightening uh taking down our Cameco and our URNM and our NUKEZ.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.