Macro Voices Episode #517 – Justin Huhn: Uranium at The Tipping Point

Date: January 29, 2026
Host: Erik Townsend
Guest: Justin Huhn, Founder & Editor, Uranium Insider

Episode Overview

This episode of Macro Voices, hosted by hedge fund manager Erik Townsend, features a comprehensive interview with uranium market expert Justin Huhn. The discussion centers on the explosive rally in uranium equities and physical uranium prices to start 2026, the mechanics behind uranium market tightness, the strategic implications of new government policies, growing demand from tech giants and sovereigns, and the evolving outlook for this commodity at a critical inflection point.

The episode also covers tactics for investors looking to position in uranium, the role of financial vehicles like the Sprott Physical Uranium Trust (SPUT), supply chain vulnerabilities, and what could change this otherwise extremely bullish outlook. The tone is forthright, analytical, and unabashedly bullish – with a constant focus on risk factors.

Key Discussion Points & Insights

1. Recent Uranium Rally: Profits and Discipline

• Massive Run-Up: Uranium equities and ETFs are up 30%+ year-to-date. The physical price has surged from low $80s to over $91/lb (04:40).
• Trim? Hold? Reallocate?: Justin Huhn says current trimming in his trading portfolio is about discipline, not a negative market outlook:

  “We are very net long here and expecting further moves… not expecting a big trough. For now it's looking very, very strong.” [04:40, Justin Huhn]

• SPUT's 'War Chest': SPUT is sitting on $200M+ in cash, raised by issuing shares at a NAV premium—potentially more fuel for the price rally once regulatory hurdles clear (06:21).

2. Mechanics Behind SPUT & Market Tightness

• SPUT's Delayed Impact: Raising cash at NAV premium creates latent buying power; regulatory limits (OSC) delayed actual uranium purchases.
• Market Dynamics: Multiple parties (traders, hedge funds, utilities) are “chasing” the spot price, pushing the market into what Huhn calls “Q3 2023-like” squeeze dynamics (07:33).
• Lagging Physical Demand Finally Arriving: Even before SPUT deploys its cash, uranium is up 30% YTD, signaling real physical tightness (10:10).

3. Stocks vs. Commodity: Where’s the Smart Money?

• Common Debate: With miners running far ahead of the physical commodity price, is it time to rotate into direct uranium exposure (SPUT, YCA) instead of miners?
• Huhn’s Take: Commodities must balance in real time; mining equities are forward-looking and reflect expectations for spot to catch up. He’s bullish on both, but stresses the necessity of diversification and cautious position sizing due to mining risks:

  “I think the equities are looking over the valley, expecting this price move that we're currently in, I would argue, the early stages of.” [15:50, Justin Huhn] “Don’t go all in on one mining stock…diversified basket of miners plus reasonable holding in SPUT or Yellow Cake is really the way to allocate.” [15:50]

4. Nuclear Buildout: Policy, Tech Titans, and Geopolitics

• Policy Support: US federal priorities, driven by increased electricity demand (AI, data centers) and the Trump administration’s explicit support for nuclear, are accelerating nuclear buildouts.

  “This is something that the industry actually wants. You’re seeing utility interest in building new nuclear. The tech companies have extremely deep pockets… and they are investing directly” [17:05, Justin Huhn]

• Big Tech Involvement: Companies like Meta, Oracle, Amazon, Microsoft are investing billions in offtake agreements and direct nuclear development.

  “Will big tech companies secure fuel for their nuclear investments? I think they will. That’s an extreme right tail driver and potential catalyst…” [17:05]

• China and India: Both are aggressively sourcing uranium, including deals with Canadian suppliers, and building strategic inventories that aren’t coming back to the market (41:30).
• US Uranium Reserve: Some utilities oppose a strategic uranium reserve, fearing it could push prices up by making the government a price-insensitive buyer, prioritizing their short-term bottom line over national energy security (36:04).

5. Choke Points: Enrichment & Supply Chain Vulnerabilities

• Enrichment Bottleneck: Russia dominates enrichment capacity, a potential risk, but investments (federal and tech sector) are ramping up globally.

  “The enrichment capacity I think is an interesting one…will it be sufficient for these lofty projections? No. If we’re going to meet those needs, much more capacity…will need to be built out.” [22:08]

• Kazakhstan Production Taxes: Kazakhstan, the largest uranium producer, is increasing taxes and renegotiating JV deals, squeezing major importers (France, Russia) and supporting higher prices (45:28).
• Secondary Supply Dwindling: Inventory buffers and secondary supplies are almost gone. “The age of inventory overhang is over,” leaving the market fragile to disruption (24:39, 50:00).

6. Utilities’ Transition: From Buyer’s to Seller’s Market

• Past: Decades of oversupply led utilities to use short-term spot/carry trades and delayed long-term contracts.
• Now: Inventories are low, carry trade is less feasible, long-term contracts returning, and producers are demanding market-based contracts with high ceilings:

  “All signs are there that we're shifting from a buyer's market to a seller's market.”[24:39, Justin Huhn] “Confidence in where this market is headed is very, very high amongst producers.” [33:34]

7. What Could Change the Bullish Thesis?

• Main Risks:
  • Only a global nuclear accident, terrorism, or sudden demand destruction (e.g., China halting new builds) would change the thesis appreciably in the next 5–8 years.
  • Supply is unlikely to respond quickly enough—new projects almost always take longer and cost more than industry estimates (59:23).

  “The only thing that could change this thesis is some kind of demand destruction…” [60:01, Justin Huhn]

Notable Quotes & Memorable Moments

• On SPUT’s Market Impact:

  “It's that marginal pound is moving the price here and that alone is evidence of how tight the market is.” [33:34, Justin Huhn]

• On the Historic Shift:

  “Fuel buyers here are starting to see that liquidity in the market has largely dried up…Their options are running out.” [24:39, Justin Huhn]

• On Tech’s Potential Influence:

  “The extreme right-tail driver…is to actually have a tech company make some sort of deal with a producer …for future production of uranium.” [17:05, Justin Huhn]

• On Supply Disruptions:

  “You don’t have to even know exactly what is going to be the disruptor – just that the conditions are there for something to disrupt this market.” [50:29, Justin Huhn]

• On Utilities and Risk Management:

  “They know what they’ll be earning on the electricity side…then they go and they call up Cameco…It’s very, very difficult for a utility to know what they're going to be bringing in…and not know what they're paying for fuel…They don’t really have a choice…” [24:39, Justin Huhn]

• On Detractors:

  “If I had $100,000 for each and every one of those jerks who made comments like that…actually, it would be a lot less than what I made on the uranium trade since April of last year. Sorry, hecklers. I’m quite literally laughing all the way to the bank.” [80:32, Erik Townsend]

Important Timestamps

• [04:40] – Justin Huhn on why Uranium equities have surged, portfolio discipline, “very net long” bullish positioning.
• [06:21]–[10:10] – Deep dive into SPUT’s mechanics, cash build-up, regulatory issues, and impact on spot price.
• [12:33]–[15:50] – Stocks vs. physical uranium, sector rotation, risk/reward, diversified allocations.
• [17:05]–[22:08] – Nuclear growth projections, political risk, big tech as a demand driver, enrichment capacity risk, and government support.
• [24:39]–[33:34] – History of utility behavior, shift from spot to term contracting, inventory drawdown, sellers’ confidence.
• [36:04]–[41:30] – Strategic uranium reserve debate; national security vs. utility bottom line.
• [41:30]–[45:11] – China and India demand, potential for trade intervention, impact on supply chain.
• [45:28]–[50:00] – Kazakhstan supply, new taxes, state control, impact on global prices.
• [50:00]–[57:05] – Secondary commercial inventories, buffer gone, increased fragility.
• [59:23]–[60:01] – Key possible bear thesis: demand destruction, accidental risk, and time horizon for supply response.

Recommendation Strategies & Options Plays

• Patrick Suresna’s “Trade of the Week”:
  Expressing uranium bull case via options on Cameco (CCJ) due to limited options liquidity among smaller miners:
  • Buy Feb 2026 $140 call, sell $150 call for $3 cost ($10 spread, 2:1 payoff potential). [66:18]
  • “It’s about capturing momentum with defined risk...stay involved in the momentum but do it in a way that doesn’t require you to sit through the kind of drawdowns that come with being outright long.” [66:18, Patrick Suresna]

Conclusion

Justin Huhn and Erik Townsend present an extraordinarily bullish case for uranium: a once-in-decades realignment of supply, demand, policy, and investor interest is underway. Their consensus is that, barring an unforeseen nuclear catastrophe or abrupt demand destruction, the uranium bull market remains in its early stages, supported by a fundamental supply shortfall, geopolitical drivers, and evolving financial structures.

Investor Guidance:

• Stay diversified within uranium stocks; combine with physical proxies like SPUT.
• Monitor risk factors: Policy shifts, enrichment chokepoints, demand destruction.
• Options strategies can help manage volatility in an explosive, frothy market.

“All signs are there that we’re shifting from a buyer’s market to a seller’s market...” [24:39, Justin Huhn]

This episode is a must-listen for anyone interested in energy, commodities, macro investing—or the anatomy of a market at a critical tipping point.

For additional insights, charts, and trade breakdowns, download Justin Huhn’s slide deck from macrovoices.com via the Research Roundup.