noch ein Aspekt aus dem wöchentlichen Newsletter von Lobo Tiggre zur
aktuellen spotprice Schwäche:
I’m very bullish on uranium... but I must admit that there’s a new wrinkle in the story. No, I’m not worried about reports of a Russian drone hitting the Chernobyl containment dome. It’s the possibility that Trump might set up a new “Megatons to Megawatts” program. He’s just said: “President Putin and I agreed that we were going to do it in a very big way. There's no reason for us to be building brand-new nuclear weapons. We already have so many, you could destroy the world 50 times over, 100 times over. And here we are building new nuclear weapons.” Maybe this is just talk, but the truth is that spot uranium has now fallen lower than I thought it would.
I’m still inclined to see this as an opportunity. But… if a significant amount of weapons-grade uranium is down-blended to create reactor fuel, it would create a new source of secondary supply. This too may be something uranium bulls may not want to hear—but you know what my job is. I’ll need to see what the potential scale is here before I can work this into my model. It may not even happen. But it’s something I’ll be watching closely.
Why is spot down so much if nothing has changed? There are reports that fewer Japanese reactor restarts are bringing more secondary supply to market. I think this is unlikely, even if there are fewer restarts. More likely, in my mind, is companies that bought uranium while it was cheap in order to finance mine construction selling to the spot market to do just that. If so, we will see this documented in future filings.
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