There's one commodity I've got my eye on to help you boost your retirement wealth.

It's an incredibly important fuel designed for maximum efficiency in generating power. And it's one of the hardest substances to access.

Can you solve the riddle?

The spot price for this fuel is on the rise as we close out the summer and head toward the last quarter of the year…

Global supplies are dwindling…

And demand is picking up in a big way.

It's a classic example of the boom-bust commodity cycle, only this one is evolving in slow motion — and could drive your profits for years to come!

No, I'm not talking about crude oil, natural gas, propane, diesel, or any other traditional fuel you can buy on the open market.

Now make your best guess and keep reading to see if you're right...

Surging Demand for Electricity

Before I give you the answer, you first need to understand that electricity demand is skyrocketing around the world, especially in developed nations. 

The growing fleet of electric vehicles on the road is a big part of this demand. 

As you may have heard, if the U.S. hits its goals for electric vehicle production, there’s no way our current electric grid can provide the necessary power for these vehicles.

Meanwhile, cloud computing, cryptocurrency mining, and artificial intelligence all require tremendous amounts of electricity, creating even more demand for power.

Of course, Washington is putting pressure on traditional methods of generating electricity (either for environmental reasons or less transparent political motives).

Regardless of your position on the issue, it’s clear we need to develop new sources for generating electricity. And we need to do it in a way that minimizes environmental harm.

All of this brings us back to the question I posed earlier…

The answer to our growing mismatch between electricity supply and demand will naturally be nuclear power. 

As we use more nuclear reactors to generate electricity, we’ll need a very specific fuel… I’m talking about uranium!

You can't buy uranium and put it in a safety deposit box like some other commodities.

But the growing demand for uranium creates a unique opportunity for you to generate some extra retirement wealth!

Uranium’s Extended Boom-Bust Cycle

Commodities are notorious for having boom and bust cycles. When demand is high, rising prices create an incentive for new production.

Typically, the additional supply then pushes prices lower, causing the weak producers to go out of business. This reduces the supply and sets up another bullish cycle.

Uranium can follow a similar pattern. But its cycle tends to be much longer than other commodities.

That's because it takes a long time to permit and build new nuclear reactors. So it takes a while for demand to rise.

Meanwhile, uranium supplies have been subsidized by decommissioned weapons, many of which came from Russia. 

So the uranium market was oversaturated for many years. But that’s all changing today...

Thanks to strong electricity demand, new reactors are finally being built. And old reactors are getting upgraded to meet international standards so they can begin producing electricity again.

Meanwhile, much of the uranium from weapons has been used up. With geopolitical tensions escalating, programs for decommissioning nuclear weapons are facing new challenges.

In other words, we're seeing strong demand for uranium while supplies are very limited. And it will take a while for uranium production to pick up to where supply matches demand.

It’s no wonder the price of uranium is surging and driving many related investments higher. If you'd like to tap into this trend, I have two ideas for you today.

First, consider buying shares of Cameco Corp. (CCJ), one of the most well-known uranium miners. 

While CCJ faces cost pressures from higher equipment and fuel expenses, the rising price of uranium should keep profits rolling in. 

Plus, shares of CCJ trade in line with the underground value of uranium resources yet to be mined.

A second play would be the Sprott Uranium Miners ETF (URNM). It’s a more diversified way to invest in a handful of international miners that produce this important resource.

As electricity demand continues to grow, the developed world is scrambling to find better ways to produce power. 

Uranium will play a key role. So I hope you'll use this opportunity to grow your retirement wealth!