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Uranium Prices Could Be On The Verge of One of The Greatest Runs in the History of Commodities

By George Bell

If you’re not aware, spot prices for uranium are up 260% from January 2005...and, it could be just the beginning. What’s taking place at this very moment is one of the most exciting eras in the history of uranium and nuclear power. Here’s what’s happening.

Nuclear power is becoming widely accepted on a global scale, with many politicians and consumers realizing that the energy source is one of the most cost effective alternatives to fossil fuels. Case in point, according to the Uranium Information Centre (UIC), as of November 2007, there were 33 new nuclear reactors under construction worldwide. What’s more, there are 94 planned and another 222 proposed.

The new reactors will require 64,615 tonnes of uranium to operate… in a time when there’s already a shortage. In July of 2007, the UIC reported worldwide mining production was a mere 46,499 tonnes of uranium oxide (U308). What we’re talking about here, is a supply shortage already far exceeding the uranium required for the 349 under construction, planned and proposed reactors.

Chart of Uranium Demand

As of March 2007, uranium mining only filled 55% of total uranium demand, meaning that the other 45% is derived from existing inventory and decommissioned nuclear warheads (where plutonium is recycled into uranium.)

With all of the aforementioned in mind, its easy to see why uranium prices are on the verge of another massive run: there simply isn’t enough of the resource coming out of the ground to meet demand. What’s more, social acceptance is at an all-time high, with support coming from very influential individuals like Al Gore and Greenpeace founder, Patrick Moore.

In a March, 2006 article in the Washington Post, Moore stated, “In the early 1970s when I helped found Greenpeace, I believed that nuclear energy was synonymous with nuclear holocaust, as did most of my compatriots. That's the conviction that inspired Greenpeace's first voyage up the spectacular rocky northwest coast to protest the testing of U.S. hydrogen bombs in Alaska's Aleutian Islands. Thirty years on, my views have changed, and the rest of the environmental movement needs to update its views, too, because nuclear energy may just be the energy source that can save our planet from another possible disaster: catastrophic climate change.”

With economics demanding higher prices and social support at historical highs, investors who take positions in uranium exploration and mining companies could see significant gains in the years to come… in what could turn out to be one of the greatest runs in the history of commodities.

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