Nuclear Update Premium December 27, 2025

Markets are ending the year with confidence. Volatility has cooled and positioning is leaning bullish, but the real constraint is rates, specifically how fast the 10 year yield moves, plus the Treasury funding setup that can turn calm into chaos quickly. In uranium, spot is back at $81, SPUT is still buying, and the ETFs just showed real demand by issuing new units to fund distributions instead of selling holdings. Add Goldman’s view that the deficit story is getting more structural, and the setup going into 2026 looks stronger than the equities have been pricing.

Author

Fredrik Lundstrom
December 27, 2025

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