The good news about uranium
Monday, May 6, 2013 at 6:39PM
Uranium Stocks

In the mid-2000s, uranium was the 'new black' as The Bulletin put it and investors could take their pick in this "radioactive heaven". The number of listed uranium juniors doubled, and doubled again ... and again and again.

A company sent radioactive drill samples for assay and quickly became the most traded stock on the ASX (leading to a suspension of share trading). Residents of the small Pacific Island Niue were surprised to learn from an Australian company that they might be sitting on 10 per cent of the world's uranium, and surprised again when the project was abandoned two months later − easy come, easy go. The uranium spot price increased ten-fold and more, peaking at $US138/lb in June 2007.

Michael Angwin, the Australian Uranium Association's Executive Director, said in 2008 that Australia "has enough reserves to be to uranium what Saudi Arabia is to oil.” Only a pedant would note that Saudi oil generates 466 times as much revenue as Australian uranium (and that most of 'our' uranium revenue never comes anywhere near Australia because of the high level of foreign ownership).

Politicians from the major parties have been only too happy to regurgitate uranium industry propaganda – for example former SA politicians Mike Rann and Kevin Foley have made the comparison with Saudi oil.

Read more: Click here.

With gold, silver and Uranium stocks being out of favor one must decide if this is a problem or an opportunity. We have steadfastly refused to buy gold and silver mining stocks for the last two years and as evidenced by the HUI we feel that our decision to hold back has been vindicated. The damage done to the mining sector may not be over yet but this demise is starting to offer up some exciting opportunities in my view.

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