Paladin Energy Ltd (OTCMKTS:PALAF) Stock Doubled in a Month: Here is Why

It is often seen that there are plenty of investors who are more interested in stocks which might have clocked strong gains over a reasonable period of time. By that principle, the Paladin Energy Ltd (OTCMKTS:PALAF) stock could be the one to track at this point in time.

Last week, the stock continued to rally and ended the week with total gains of 25%. However, more importantly, investors need to remember that over the course of the past month, the Paladin stock has delivered gains of 95%. The rally in the stock is being driven by the continued rise in the prices of Uranium and many stocks in the Uranium mining sector have managed to deliver significant gains in recent times.

Earlier on this month, the price of Uranium made a recovery and managed to hit its highest level in six years. Paladin is looking to cash in on the rising price of Uranium by restarting operations at the Langer Heinrich Mine that is situated in Namibia. It should be noted that the mine had first produced Uranium back in 2007 and had eventually hit its peak production levels of 5.6 million pounds back in 2014. However in 2018, the mine was put into maintenance.

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