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« Crosshair Exploration and Mining Corporation: No sign of recovery! | Main | UraMin Mark Two: Niger Uranium »
Tuesday
Sep042007

Uranium: Spot price $85/lb

Uranium Spot Price 04sep07


The uranium spot price continues to drift downwards to record a drop of $10/lb.






This data is brought to us courtesy of stockinterview who based their report on Friday’s issue of Nuclear Market Review compiled by TradeTech. If you can find the time please visit both of these web sites they are a mine of information.

To quote the editor of Nuclear Market Review, Treva Klingbiel,

“This decrease in the price is largely due to the presence throughout the month of sellers driven by cash requirements, such as the US Department of Energy (DOE).”

Please forgive us for being sarcastic but it would be true to form for a government department to find the bottom of the market and then make a sale. This reminds us of the ‘prudent’ British Chancellor, Gordon Brown who managed to find the bottom of the gold market before selling most of Britain’s gold reserves in a series of pre-announced auctions.

As a headline this is bad news however the long-term indicator remains unchanged at $95/lb. To us this long-term indicator is far important than spot price, which is subject to the daily knee jerk actions of all and sundry. As we have said previously the price has swung like a pendulum and is now the lowest it will be for the remainder of this year, in our humble opinion.

The communiqué goes on to say:

“However, long-term fundamentals still point to uranium supply shortages, with difficulties and hurdles ever present in the development and permitting stages for uranium mining companies.”

Uranium stocks may well be sold off today on the back of this news so for us it will be a case of take it on the chin, hold on tight and look for the odd bargain.

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Reader Comments (5)

Saw rumour that PNP.to might be delisted from tsx. Being from NY I'm out of the Canadian loop. Any truth to this rumor. Also, did Intewash, the pnp ceo sell millions of his shares during this big downturn. Any truth to any of this?

September 6, 2007 | Unregistered Commenterari

We have no idea but maybe some of our readers who follow this stock closely can bring us to speed.

September 6, 2007 | Unregistered CommenterUranium Stocks

for all rumours, gossip and unsubstantiated hogwash (as well as occasional relevant posts) I suggest you check out the aptly named Bullboards on www.stockhouse.ca

bob

September 6, 2007 | Unregistered Commenterbob

I did some checking myself. Insider info is true and the Globe had an article listing PNP as a possible delisting from the index. I've ridden PNP up and down and am hoping for a recovery but this information is unsettling. Any comments.

September 6, 2007 | Unregistered Commenterari

Ari,
please leave either the article from the Globe or some reference. And especially re: the insider trading and I'll check my reliable sources. Any word on whether he bought them back at lower prices?

I can tell you that PNP has stated they will buy back 4.5 million of their shares, tho.
Bob G.

September 7, 2007 | Unregistered Commenterstoneygulch

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