Uranium has been a hot commodity, and its rally could have a long half-life. 

Spot prices for triuranium octoxide, the form of the commodity that is widely traded, hit $92.50 a pound on Monday, more than doubling since Russia’s invasion of Ukraine and the highest since 2007, according to uranium market-data firm UxC. This has buoyed stocks of mining companies like Cameco, which gained 71% over the past 12 months, as well as funds that hold the physical commodity such as the Sprott Physical Uranium Trust and Yellow Cake, which have gained 74% and 58% over 12 months, respectively.