RE:Uranium Futures up 6.2% today to $25.65/lbCRAZY U times.
I'm often wrong.....lol.....but I think we saw the bottom of the U bear here over the last couple of months. With respect to Canadian U stocks I mean.
The combo of the Global X Uranium ETF changes and sales and Cameco's news and unfortunate elimination of a lot of specialized long-time jobs and the decision to continue mine closures is a major sign.
With the pent up supply/demand changes and these developments, despite continued high grade U finds at FCU, NXE, DML, etc - and continued derisking of all those projects - the share prices have hovered at some near historical lows (at least in terms of their resource estimated pounds).
So, that is my call. The last few weeks represent what I think will be looked back on as "ROCK BOTTOM" for Canadian U stocks I predict. The spot started to bounce back a couple weeks earlier maybe..momentum likely to continue there.
We shall see - but, absent another black swan event - I think the production cuts will take some time to reverse now - and will depend on much higher spot/future prices - so we shall see....
I certainly had hoped the bottom would have been 12-30 months ago - and so did my portfolio - but I did take advantage to continue to build some holdings at what will (I hope) be seen in the future as incrediblly discounted value buys.
We shall see. Probably a bit more selling by ETF to go - taking advantage of the recent share price bounce and trying to meet their deadline goal of end July/early August for rebalance.