James DinesJames Dines Still Screaming Buy "Uranium!"
By Jon A. Nones
27 Nov 2005 at 08:54 PM EST
SAN FRANCISCO (ResourceInvestor.com) -- In a rapid yet succinct presentation at the Gold & Precious Metals Investment Conference in San Francisco, James Dines, editor of The Dines Letter, all but screamed at investors to buy into the uranium market. As a self-proclaimed “arm waving, table thumping, wide-eyed optimist,” Dines couldn’t say it loud enough – uranium is the energy of the future.
According to Dines, “the end of oil is in sight” and nuclear energy will be the world’s next power source.
“The sooner the world gets rid of carbon fuels, the better we’ll be,” he said.
Dines told the audience to “forget about wind power.” If France were to close just one nuclear power plant, it would need a wind turbine every nine miles along its entire coastline to make up for it, he said.
Dines added that the coming demand for uranium will be so huge, not even the big companies will be able to keep up. China’s plans to build 30 reactors will be insufficient, according to Dines. They will need 100s to meet demand for energy, he said.
According to DinesLetter.com, the world will consume nearly 200-million pounds of uranium in 2005, while uranium mines will produce only around 100-million pounds.
Source: DinesLetter.com.
“That’s an incredible 50% shortfall of fuel needed to run the world’s nuclear power plants,” according to the website.
Dines said he turned bullish on uranium in 1996 when the price per pound was $8. It’s now in the mid $30s.
“Uranium is the greatest investment vehicle I have ever seen,” Dines said. “Even better than Internet stocks.”
Although Dines only mentioned one specific uranium mining company, Cameco [NYSE:CCJ; TSX:CCO] – his first pick – he said many junior companies at the conference deserve a look