The trend is still upward for uranium.
Baltimore, MD (PRWEB) May 29, 2006
Uranium prices just set a new record high of $43 per pound, capping a remarkable 437 percent rise since 2000 when it cost just $8. In 2005 alone, uranium demand outstripped supply by around 100 million pounds.
With an increasingly urgent need for America to reduce its “addiction” to Middle East oil, Dr. Mark Skousen, chairman of respected financial e-letter Investment U http://www.investmentu.com , says, “The trend is still upward for uranium.” Governments and corporations are already spending billions searching for viable alternative energy sources. And while solar power and ethanol fuel have seen advances, neither will meet current global energy demand.
But Dr. Skousen says nuclear power is the one resource available to meet growing electricity demand throughout the world and could become the world’s preferred fuel.
According to the Nuclear Energy Institute, nuclear power already supplies 19.9 percent of electricity used in America and 17 percent across the world. With the federal government working to build new plants across the nation, that could easily double as a percentage of total electricity supply over the next few years.
Russia has also unveiled plans to build 24 additional nuclear reactors, and China has scheduled building over 30 reactors (two 1000-megawatt plants every year for the next 20 years). Worldwide, there are 160 power plants proposed or currently under construction.
Further upside could come from British Prime Minister Tony Blair, who recently endorsed new funding and expansion for the UK nuclear industry.
In a speech to the Confederation of British Industry, Blair stated that replacement of Britain’s nuclear power stations is “back on the agenda with a vengeance.” He claimed it would be “a dereliction of my duty” if he neglected the issue, citing global warming, energy security and the high cost and unreliability of wind and solar power as key factors.
The developments mean uranium’s record high could merely be the beginning – especially considering that uranium sold for an inflation-adjusted high of $98 per pound in the early 1980’s, far below current record highs around $43.
For investors, it also means uranium could also hold considerable profit potential, given that it’s cheaper and more efficient than coal and natural gas.
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