Spot price is now at US$ 70/lb U3O8 as per yellowcake. That is $1.26 or 1.8% up for the day.
I had a feeling Sprott was knowing that would happen when they were throwing heaps of money into asx Uranium companies last week.
But to be honest. I believe that is only the start of an more appropriate adjustment to the Uranium spot price.
Traditionally that Spot price should be about the same as the long term price. But it always overshoots a lot when prices going up. That can not be avoided because of the nature of uranium contract cycle and enrichment process.
I guess a lot of the institutional shorters wouldn't have the time to study the physics of that. They don't understand Uranium is unique. It can not be compared to Gold, Silver or any other minerals.
BOE Price at posting:
$3.40 Sentiment: Buy Disclosure: Held
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