The price of uranium continues to rocket as the latest sealed bids auction held on 30th May 2007 generated a lot of interest and a winning bid of $133/lb!

This is a warning shot in terms of what is to come. The spot price for uranium had been creeping up with TradeTech showing it to be $122/lb and UXC showing it to be $125/lb.

The straight line upwards is something to behold and still we cannot see it abating in the near term. Our prediction of $200/lb is accelerating towards us faster than we imagined and uranium could well top $200/lb this year.

“Sell the news” well that’s been going on for sometime now so those who have sold are now looking for re-entry points to try and regain their favourite uranium stocks before they click into gear and zoom up.

It should be interesting to see how the uranium stocks behave when the market opens today.

The next auction is for 200 thousand pounds of U3O8 and 100 tU as UF6 for delivery on the 15th June with the bids being due on the 1st June - that’s today folks!

We will bring you the results of that one as soon as we can.