that's mine output. The problem is the difference is covered by...

that's mine output. The problem is the difference is covered by secondary supply which nobody has any visibility over. Hence the opaqueness of the market. And how much do utilities hold.Every year I read utilities will enter the market in earnest and drive up spot to $150/lb.

This deficit has been mentioned for years now, however this did not stop Sprott and Yellowcake from hoarding tens of millions of lbs. So maybe there is no deficit after all if these fundies have no issues buying physical. They hold 87mlbs combined? Any others? What if they decide to liquidate.

Only thing us lemmings can observe is the spot price

PEN needs to focus on its committments. Maybe they can delay some