2012 was the worst year ever for, page-16

It may be $37 on the futures markets but the real physical price signed by the uranium producing companies themselves will always be at a premium to these paper prices. Just as you can't buy silver for $19/oz at the moment, there is a basis component to uranium prices which is very important to profitability. Only the naive think futures prices are what producers get in the world of physical transactions.

For example, I can sell my wheat today for a $30/t premium (or 15%) above the US Chicago futures market prices.

However in saying all that, Macrae is correct in proposing the current rally in U shares will only sustain if the uranium price on paper begins to at the very least stop falling.

Personally I think we have another sell off in all shares, uranium included, coming reasonably soon, so I wait patiently for that ...