A subscriber kindly sent in a link to this very informative article. Check it out if U have interest. ;-)
Why Renewables Can’t Save the Planet
If Steve Saville is correct then I for one am currently something of a contrary indicator on Uranium. That is because while I had been using a chart including Cameco (CCJ) and other miners in NFTRH’s Commodities segment, I temporarily suspended the inclusion of U a while back as I did not feel it warranted prime real estate in the weekly report. That is because of the sector’s tradition of being periodically played and dumped by the roving speculator community and because I have thought that supply cutbacks have been the primary price fundamental. Not a good reason to buy.
Well, Steve notes next decade’s electric vehicle demand as a key driver and wonders whether or not a new bull market has begun.
Uranium’s Stealth Upward Trend
A bull market has not begun in CCJ, which by this monthly chart is bumping its head up against very important resistance.
But this chart of Uranium shows a rally that looks different from the previous aggressive – and ill fated – spikes, as Steve notes.
It may be time to bring the miners (CCJ and a few others) back to a semi-regular spot in the weekly report. We are supposed to be open minded and ahead of the herd after all; not running with the current dismissive and/or bearish herd. That’s what they taught us in Contrarian Genius school, anyway. Maybe it’s time to retrain an eye on this situation in a casual way.
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