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« The Ranger Mine makes a Come Back | Main | Australian Uranium Policy: A Queenslanders view! »

Uranium ticks up!

Uranium Chart 15oct07
The first sign of light at the end of the tunnel appeared yesterday when the spot price for uranium managed to move higher by $3.00 according to TradeTech.

This is what they had to say:

“The uranium spot market showed the first signs of strengthening this week, after 16 weeks of falling or flat prices, with TradeTech’s Uranium Spot Price Indicator increasing $3.00 to $78.00 per pound U3O8. Buyers have begun re-entering the market and four transactions are reported. In recent months, a number of sellers have been motivated by cash needs, lowering offer prices or accepting bids below the current market price in order to secure sales. These sellers have now successfully placed the majority of this material and appear to have satisfied their near-term requirements. With this supply removed from the market, sellers, sensing that the market has reached an inflection point, are cautiously moving their offer prices up”.

This of course is good news and brings a few smiles back to a number of shell-shocked investors. If you have held through the recent carnage we suspect that your uranium stocks have now shown some signs of improvement so hang on to them. These stocks have been making a slow but steady recovery so do try and acquire some patients and hold on tight.

The spot price is the price that makes the headlines and sends us off in various directions implementing actions as though we have seen the light. Please remember it is not as important as the long-term price for uranium. Far more business is conducted via private arrangement than is conducted through the occasional auction. The long price of uranium remains at $95/lb, so think of it as akin to a 200dma and use it accordingly. We apologise for repeating ourselves but the number of new readers increases every week thus generating questions, which we thought that we had already covered.

In the near term we see this recovery continuing so if you have a few favourite uranium stocks that you have calculated to be relatively cheap then pick them up now and be prepared to sit on them for a year or so.

This message comes with its own health warning. This week our concentration could be somewhat diminished as England have reached the final of the World Rugby Cup against all expectations. The rugby played by the England team has been criticised as not being the most exciting to watch; however the objective of getting to the final has been achieved. There is a lesson here for all of us regarding objectives. Our objective is to make money. Being topical by rushing into the latest ‘hot’ stock with uranium stitched into the company name is not for us.

England Rugby Team 15oct07

Please feel free to add your comments especially if you think that we are wrong as this adds balance to the debate.

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Reader Comments (3)

Yes the U3O8 spot price has ticked up and so have NYMEX UX futures for Dec 2007.
Now 89 for December 07.
I have emailed you a chart Bob. It does not show the tick mark for 16th and the mark for the 15th has an "stalk" upwards which must have been a seller trying on a $95 price. So it has closed at 89 for two days now, 84.5 last Friday.

October 16, 2007 | Unregistered CommenterWarwick Hughes

Agreed with the 89 for DEC 07 however it is at 81 for most of 2008.

October 17, 2007 | Unregistered CommenterUranium Stocks

New to the uranium investing, glad I found this site. Excellent work by everyone to help educate. Just one question, does anyone know anything about uranium mining in Nunavut and which companies have some legitimate claims there?

October 19, 2007 | Unregistered CommenterTim

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