Uranium Goes Nuclear
Source: Sunday Times (2/25/07)
URANIUM prices rocketed to their highest-ever levels last week as hedge funds plunged into the market and took big bets on prices rising even further.
The spot price for uranium oxide shot up $10 a pound over the week to $85 as buyers fought for the limited amount of the metal up for auction.
Analysts at RBC Dominion Securities, the Canadian bank that tracks the uranium market, said they forecast the average price for 2007 to reach $100 a pound.
Uranium prices have increased eightfold over the past three years, and by $13 a pound since the beginning of the year. It has become the latest commodity to enjoy a boom, following similar runs in the price of gold, copper and iron ore.