NewswireToday - /newswire/ -
Sarasota, FL, United States, 2007/02/25 - The recent spot uranium auction drew a record number of bidders, and the spot price jumped by the highest dollar amount in history. Now at a record US$85/pound. StockInterview.com has begun calling yellowcake a precious metal.
The recent spot sealed-bid auction for Texas-mined uranium set three world records: most number of bidders, highest dollar price jump in one week, and the highest spot uranium price in history at US$85/pound.
At US$85/pound, the online financial news website StockInterview.com observed, “Uranium oxide concentrate has now begun to approach ‘precious metal’ status at $5.31/ounce, or 17.4 cents/gram. It is reminiscent of the silver price, which last traded around this level in August 2003. Metals become precious when there is a scarcity of available supply.”
Newly mined U.S. uranium was certainly treated like the new gold, this past Tuesday. “Bidding was extremely aggressive with a record number of bidders vying to purchase the material,” wrote Nuclear Market Review editor Treva Klingbiel. “Higher prices have not deterred potential buyers.” Klingbiel explained that uranium buyers were able to obtain a fixed-price for uranium.
Although a modest amount of 100,000 pounds of U3O8 (the processed uranium oxide concentrate) was sold at $85/pound, buyers bid the price higher instead of waiting to buy uranium from other miners demanding market-related pricing terms. Klingbiel added, “The year 2007 may well eclipse the extraordinary price increases witnessed last year."
Stockinterview.com is an online news service, which provides investigative reporting, editorial, analysis and provocative commentary of the nuclear fuel cycle, uranium mining, nuclear power, the environment, biotechnology research and the natural resource industry. StockInterview.com is now the most popular website for uranium mining stocks as a result of its best-selling publication, “Investing in the Great Uranium Bull Market: A Practical Investor’s Guide to Uranium Stocks.”
The 304-page trade softcover edition of “Investing in the Great Uranium Bull Market,” is now available online or by visiting Amazon.com
TradeTech, and its predecessor companies-NUEXCO Information Services, CONCORD Information Services, and CONCORD Trading Company, has supported the domestic nuclear fuel cycle (uranium) industry for more than 35 years, and is widely recognized for its expertise in trading activities and its comprehensive knowledge of the technical, economic and political factors affecting this industry. TradeTech provides expert market consulting, participates in the buying and selling of uranium products and services, and maintains an extensive information database on these industries.
After publishing the weekly uranium spot price indicator in the Nuclear Market Review magazine every Friday, TradeTech publishes the price indicator on the consulting service's website at uranium.info