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Wednesday, February 21, 2007

Uranium spot price hits $85

The long awaited auction produced a spot price increase of $10 per pound to $85, details later.

UPDATE same day:
UxC is now showing the $85 spot price here.

This is a huge jump and it's no doubt due to the nature of auctions when people are nervous. People let their emotions run wild. I wouldn't have been surprised if the auction price was even higher.

Also in other news, nuclear power plants are running at a very high production rate.
Electricity production at nuclear power plants has increased 36 percent since 1990....
All that does is burn up more uranium and make the supply/demand imbalance even worse.

Here's another blogger's view.
Here's another.

My own sense is that uranium investing is starting to get a bit frothy. It has a long way to go. It wouldn't surprise me to see Strathmore Minerals as high as $25 per share. I intend to sell it before that.

UPDATE Feb 22, 2007:
Here's a press release on the subject from U308.biz.

You say you wouldn't be surprised to see Strathmore hit $25, but you'd be out before that time. Do you have an intrinsic value range for Strathmore?
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