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Gold/Mining/Energy : Uranium Stocks
URNM 56.58+0.1%Dec 24 4:00 PM EST
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From: TheSlowLane12/26/2006 10:29:12 PM
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This just in...Jay Taylor on the big U:

"Your editor has been walking this earth perhaps a decade or more less than James Dines, but I have been around as an adult watching markets since the late 1960s and I would have to agree with James Dines that there has never been a market like the current uranium market. What is most remarkable is that even when oil and gas markets have run through considerable corrections, uranium prices have just kept on rising. We have spelled out the fundamental reasons for this phenomenal bull market in uranium before, but let's quickly review the forces at work behind the rise of U3O8 (yellow cake) once more.

1. Nuclear power plants must have uranium as fuel. There are no substitutes, so if they do not have uranium, their hugely expensive plant and equipment sit idle.
2. The cost of uranium relative to total operating costs, even at the current price of $72 per pound is very low. In fact, one Toronto-based analyst estimated that uranium would need to rise to $500 before it would begin to equate to the cost of fuel for natural gas driven power plants.
3. Uranium production from mines is currently meeting only about 60% of annual consumption to fuel existing 440 nuclear reactors around the world. As such, the stockpile of uranium that resulted from the disassembling of nuclear weapons by the Soviet Union is rapidly drawing down.
4. There are no significant new supplies of uranium scheduled to come into production until 2010 or later, but by then there will be new nuclear power plants hungry for additional sources of uranium. Just this past week China announced that it is hiring General Electric to build four new nuclear power plants and Toshiba to build three. But there are dozens more power plants on the drawing boards in China and India and elsewhere, all of which demand more uranium."

321energy.com
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