EARLIER this month, Global X Funds of New York announced plans for two exchange-traded funds - one for gold stocks, the other, uranium. Initially, Bruno del Ama, its chief executive, figured he knew which would capture the market's attention. After all, gold prices have surged in recent months.

As it transpired, he guessed wrong. Global X's Uranium E.T.F. - with holdings in companies like the Cameco Corporation, Paladin Energy and Uranium One - was a hit as soon as it went on sale Nov. 9, with early trading volume outpacing Global X's gold E.T.F. by five to one. "I'm in shock, to be honest," he said.

Mr. del Ama is hardly alone. Uranium industry insiders were caught off guard by a deep run-up in spot market prices, which are now about $58 a pound, up sharply from the low $40s in the summer. "We all knew it was going to happen," says Ron F. Hochstein, the president and chief executive of the Denison Mines Corporation. "We just didn't anticipate it would happen this year."

As Adam Schatzker, an analyst with the Canadian investment bank RBC Capital Markets, said in an equities research report published last week: "It appears that the character of the spot market has changed markedly over the past few months from one that was heavily oversupplied with weak demand to one that has high levels of demand with very little supply."

David Fuller's view The uranium price (weekly & daily) rose again yesterday, reaching $59.25 - a significant advance since July and it is barely out of its base. Uranium shares remain a volatile, speculative sector but I maintain that the fundamentals are much improved; the charts bullish and that pullbacks such as we have seen recently offer additional opportunities to accumulate stock.

(See also my more detailed discussion on Monday, in response to an email.)