While the spotlight is usually on gold or silver, uranium offers a hedge against inflation , Anthony Young, director of metals and mining research at Dahlman Rose told CNBC Thursday.

It’s also a mineral in short supply, in part because of the shutdown of Japan’s nuclear program after the earthquake and tsunami last year, and that makes it more valuable, added Raymond Goldie, senior mining analyst at Salman Partners, in the same interview.

“Right now we’re short of the stuff. About 14 percent of the world’s supply of uranium comes from dismantling of Soviet weapons,” Goldie said. “That program stops at the end of 2013. So there goes 14 percent of the world’s supply.”

And that comes at the same time as a “pickup in industrial activity on a global basis and the requirement for additional electricity,” Young said.

Russia and China are among those building up their uranium programs, while the U.S. recently approved the first two nuclear reactors in years.

“If nothing else, those two reactors ... could improve the sentiment around the nuclear story here in North America,” Young said.

Both analysts said if you want to put uranium into your portfolio, buy shares of Cameco

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[CCJ  Loading...      ()   ], which Young called the world's largest producer and “the easiest, safest way to play” the mineral. He also favors another company, Uranerz Energy

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Goldie said another way to get into uranium is through Uranium Participation Corp.

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Disclosures:

Neither Anthony Young nor his company own shares of the companies mentioned. Raymond Goldie does not own shares but he has written on the companies for Salman.

Disclaimer