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« Are EPA's Carbon Rules Really About Nuclear? | Main | Obama's Carbon Order Increases Nuclear Energy's Odds »
Tuesday
Jul012014

Interview with Rick Rule: Prepare for When the Dam Breaks

WHEN, NOT IF

“In the uranium business now, industry costs including cost of capital is about $70, so you produce for $70 and sell it for $30 and lose $40. You cannibalize existing capital in corporate vehicles and that goes on until they go broke, and then the price shoots just like it did last decade. That’s a question that begins with when. When does the dam break? It’s not if. Does the price of uranium go up or do the lights go out?”

Rule admitted that he had been early on his uranium call last year but that he has no problem waiting it out.

“The nature of the business from my point of view is that if you make 10 investments, you probably lose money on 6-7, break even on 1-2, and you’re trying to whack the ball out of the park on 1. So you’ve got to have a lot of starts, you’ve got to trim your losses aggressively so you can re-cycle intro new starts, and you’ve got to try and get warrants so your starts are magnified.”

“For the last 30 years I have sized my investments correctly relative to my means.”

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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