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« Peak oil! | Main | Biofuels: United Kingdom having second thoughts! »
Thursday
Jul102008

Uranium: Signs of life!

Uranium Chart 12 July 2008
Chart courtesy of U308.biz.

One of our readers alerted us to slight increase in the spot price of uranium today with The UX Consulting Company and Tradetech putting the price at $60/lb. Although we should be focused on the long-term price we are grateful for these small mercies!

Scanning the horizon we came across an article on Kitco.com by Peter Grandich, which is well worth reading, and so we pulled this snippet from the article about uranium:

Uranium –
To those who once had such high hopes only to be dashed in the recent sharp correction, try to regain your confidence—nuclear power just has to be a primary source of energy going forward. It’s pretty clear now that fossil fuel is a “dinosaur.” We won’t likely see a sharp run-up, but prices can make a new high in the next 12-24 months and the uranium players who more than survive the recent swoon are likely to get another good at-bat.


A new high in the next 12-24 months would certainly go a long way to repairing our portfolio as we decided some time ago to grin and bear it and see it through. However, although we remain optimistic we do need to see some more positive signs of uranium stock price increases before we would dare to venture into the water again with our hard earned cash. When we look at the charts for Denison, for example, we can see that this stock has tried three times to breakout above the $9.00 level only to fall back again. But, we are encouraged to see that this stock appears to have bottomed at around the $6.25 level and is currently trading at $8.00. So don’t be put off by our unwillingness to invest at the moment as we can be over cautious at times.

Over on the futures market the NYMEX has uranium at $60/lb for July 2008 delivery and $62/lb for December 2008 delivery. It’s a thinly traded market and doesn’t really give us a lot to go on, but one day it will mature.

Have a good one.

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Reader Comments (4)

Take it down, guys and gals.This horrific gamble is nearing an end game.This week's action proves that to me.UUU reports tripling of second quarter sales,and quickly gets a 10% trim.2004-2006 was the time for U's.They are now relegated to drcoop.com status.
Good call on skf several months ago.Very,very bad call on mga.

July 11, 2008 | Unregistered CommenterDana Nini

Dana,

Good luck with your future investments we do sincerely wish you well. Its extremely tough here at the moment, but we dont see a viable alternative so the cash that we have in this sector will remain invested in uranium stocks.

If you get the time please let us know about your new investments.

July 13, 2008 | Unregistered CommenterUranium Stocks

I mentioned this in the past - why don't you put dates next to the articles you reference - this one if from
Aug.17,2007 : "Uranium Stocks Show Signs Of Life"
and this one from Sept.6, 2007: "Crosshair Exploration and Mining Corporation: No sign of recovery!"

It is a joke to show these here as a "related" articles! It makes the whole process useless!

July 17, 2008 | Unregistered Commenterdan peer

Dan,

Some time ago our readers asked us to group together articles about a particular company so that they didn’t have to search the whole site to see what we had written in the past about that company.

So we came up with the idea of relating articles by the company name, which works well for Cameco as the system then groups together those articles about Cameco.

However for articles of a more general nature the system does not work so well. Hopefully we can improve on it in future.

Best wishes,

Bob

July 17, 2008 | Unregistered CommenterUranium Stocks

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