For over 60 years, uranium has been used as an abundant source of concentrated energy. if they’re arranged by the mass of their nuclei Uranium is one of the heaviest naturally occurring elements.
Isotopes are the slightly different forms in which uranium occurs. The Uranium found in the Earth’s crust contains mainly two types of isotopes: U-238 (99.3%) and U-235 (0.7). U-235 is the most valuable kind of Uranium, since it’s the one that (under certain conditions) can be split. Nuclear fission is the process of splitting these atoms (which yields a lot of energy). This process can be used for energy creation, or to build atomic bombs.
So, we know that uranium itsef is pretty rare, and the most commonly used type of uranium is even rarer, which means that it’s price is going to be subject to many variables. As of recently, the price of uranium has risen to more than double what it was 5 years ago, reaching a 9 year high of $50/pound. A few of the factors involved in this are:
- China reported plans to build up to 150 nuclear reactors in the next 15 years.
- Japan plans to put 30 reactors back to activity
- Due to lack of investment in new mines Supply is expected to drop by 50% by 2030.
- The Sprott Physical Uranium Fund has gained 44% since July, while Uranium Energy has acquired USD 112 million in uranium assets from Uranium One
For these and many other reasons, it’s critical that if you’re investing in uranium ore you stay up to date on it’s prices. However, how can you stay updated on these rates at every hour or minute? For that, you should use an API.
What is an API?
An API is a programmatic interface that collects data from a location and delivers it to you practically immediately. This allows you and your clients to verify the price of uranium whenever it is required.
To obtain access to this, you’ll need to locate an appropriate software that includes an API for retrieving uranium prices. This might be a difficult undertaking because not all software operates in the same manner or can provide you with the information you want. You must proceed with caution since making the incorrect decision might cost you a lot of money and time.
To save you some time and effort, we strongly recommend using Commodities-API, one of the most helpful and comprehensive commodities rate softwares currently available. Rice, wheat, coffee, corn, sugar, Brent crude oil, WTI crude oil, soybeans, gold, silver, and a range of other commodities are supported by this platform.
To obtain the information, you have to:
1. Go to www.commodities-api.com and create an account to get your API key.
2. Look for the Uranium and US Dollar symbols (USD).
3. Once you’ve got them both, enter them and make the API call.
4. The program will respond with a JSON response that you can adapt and use however you like.
How Accurate Is This?
100%! This program uses an API to get data from banks and the stock market, making it completely dependable. It then offers you this information with an accuracy of two decimal points and can adapt it to JSON, PHP, and Python. Furthermore, Commodities-API employs bank-grade 256-bit SSL encryption to safeguard your connection.
Sign up here
Also published on Medium.