Top Stories This Week: Gold Price Dips Below US$1,700; Musk, Cramer Talk Uranium

Uranium gets mainstream commentary from Musk, Cramer

Moving away from precious metals, uranium continues to be a bright spot for investors watching concerns about energy security, as well as the growing clean energy story.

I heard recently from Peter Grandich of Peter Grandich & Co., who said that while there's no such thing as a sure thing, uranium is the closest he's seen in nearly four decades watching the markets. He pointed out that the sector has done a 180 over the last five years, and continues to gain momentum seemingly on a daily basis.

"There's no such thing as a sure thing ... but the closest I've ever seen in all the years I've been doing this — which is 38 — is the uranium market right now" — Peter Grandich, Peter Grandich & Co.

One example just from this week is a comment from Tesla (NASDAQ:TSLA) leader Elon Musk. In a tweet response to a Wall Street Journal article, he praised western countries for breathing new life into old nuclear plants, calling their actions "wise." Meanwhile, on his CNBC show "Mad Money," host Jim Cramer commented on Uranium Energy (NYSEAMERICAN:UEC) and said the sector as a whole is "too sizzling" for him.

Comments like that are helping to prop up more substantial developments, like the news about Japanese restarts that we discussed last week. And the industry hasn't been unaffected — vehicles like the Sprott Physical Uranium Trust (TSX:U.UN,TSX:U.U) and the Global X Uranium ETF (ARCA:URA) have made big moves recently.

However, Peter reminded investors to be careful when watching day-to-day news. While he's "staunchly bullish," he believes uranium is still a long-term story, meaning it will take time to really take off.