Boss energy number No 1 pick Sprott Equity Research, page-7

I've heard many times over on interviews with top Uranium sector gurus that the price of spot isn't really a good indication of where we are in the current bull market. It's all about the major utility companies out there that are likely due for contract renewal in the next 12-24 months, since these guys don't just buy a few bits here and there every 6 months in the spot market. They sign up for long term contracts, and once that starts happening again then the spot market will really start moving.
I also heard Rick Rule say recently he's short term cautious, long term optimistic (or something along those lines) when talking about U small caps as some have got a bit ahead of themselves.