I just read the discussions in UX weekly. The "fundamentals" that I refer to is the end of the 20 year program that decommissioned old Soviet nukes, as well as a couple of large mine project postponements. The Russians still mine uranium so shipments continue, but the bomb material was a major source of supply. Current mining does not cover consumption so when above ground supplies start to shrink, the shortage will become apparent. A true squeeze may still be years away, but when Chinese nukes start up, look out above!

The problem for investors is that they can't wait for the fundamentals to make themselves known - the market anticipates. A lot of uranium stocks have already gained more than 50% in the last couple of months. Still, considering where they came from, I think there's a lot more to come - the technical basing pattern is huge.