It's a matter of priority also. Many people forget that U fuel...

It's a matter of priority also. Many people forget that U fuel is less than 2% of the cost of actually producing the electricity, so whether you pay $25 or $65/lb matters little to the business bottom lines of utilities.

There's therefore almost zero benefit to buying early to avoid price spikes, but in so doing you incur a working capital cost which is much more expensive to these utilities than paying more for fuel when they need it.

When we see term contracting begin to happen in earnest it will be a sure sign to me that supply is actually beginning to be constrained. At that point I think we will see a very sharp rise North in U308 prices, and since we're highly leveraged to that rise as investors of U308 producers, it will result in quite spectacular SP appreciation.