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Saturday, June 02, 2007

Stop the Presses -- Uranium Spot Price Probably Hit $138 per Pound!!!

Holy Isotopes, Batman!

I told you that TradeTech's Nuclear Market Review set the latest spot price of uranium at $133 per pound. Basically, that's the price of uranium sold through the "magic door" at Mestena Uranium in Texas -- one of the three Uranium companies I visited on my recent trip to the U2007 Symposium.

That $133 per pound number was reported by Nuclear Market Review. This price is set by sealed bids for Mestena's uranium. But then, Nuclear Market Review reports, losing bids at Mestena were given another chance at a second auction on Friday to win the material they failed to buy on Wednesday.

The winning bids hadn't been announced by the time that Nuclear Market Review put out its Friday update. So it published what it considered a "conservative" estimate -- $138 per pound. That represents an increase of more than 10% from the previous weekly spot price of $125.

The final price could actually be higher. Perhaps $140? Higher? We'll just have to wait and see.


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