Yellowcake and Coke:
Special report on Uranium & Coal

by Sprott Asset Management
September 15, 2004
So far this year we've written two articles on Hubbert's Peak, detailing what it could mean for the world's supply/demand equation for oil going forward. In passing, we also mentioned our bullish view on other energy sources such as uranium (yellowcake) and coal (coke). Given continually improving fundamentals, we believe these two energy sources deserve their own write-up — and will thus be the focus of this article. We believe that, with or without a Hubbert's Peak in world oil production, the prospects for uranium and coal are very positive.
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Big risk premiums in the price of oil
Crude oil has been in a raging bull market and traders are now adding bigger and bigger risk premiums to the price because they are worried that any number of events could interrupt the delivery of supplies.

With the benchmark grade of crude oil now hitting all time highs of more than $44 a barrel in New York it's worth remembering that the stuff was trading at $10 a barrel less than 6 years ago — it was trading below $26 a barrel as recently as May of last year.

How did we get to today's prices so quickly — and what does that tell us about future prices?

Well, at least part of the story is a classic Economics 101 case of Demand increasing faster than Supply.
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An interview with Roy Longstreet

Roy Longstreet had experienced huge success as a commodity trader and was 84 years old when he gave this interview in 1985. Roy had been a trader for about 60 years and my guess is that he knew this might be his last chance to talk about markets and trading so he really delivered a great interview.

I've re-read this interview at least once a year ever since it was published — it helps me to get a perspective on what I do and I highly recommend it to you - I think it will teach you a lot about markets and how to trade.
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Better Opportunities Than Ever Before in the Commodity Markets
I've been trading commodities since the 1970's and I've never seen better money making opportunities in these markets than what we have right now.
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Trading Strategy Report - December 2000
The US economy is likely to get considerably weaker. Result: Further stock marker declines and a falling US dollar
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Trading Strategy Report - September 2001
WAR IS INFLATIONARY: Global economies continue to weaken. Stocks and US$ are down. Gold is up. Fear and uncertainty dominate the markets...
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You've Got An Opinion? You've got A Risk - October 2002
About thirty years ago, when I was a starving university student, I bought $2,000 worth of a penny mining stock the day before it was permanently de-listed. You can probably guess that I had bought the stock after receiving the proverbial "hot tip." I had to beg, borrow and steal to get the money to pay my broker, and I surely had some sleepless nights, but the shock value of seeing my investment go to zero overnight has served me well.
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Magazine Covers: why BUY often means SELL - November 2002
Last July, when the stock market was falling like a ton of bricks, CTV sent a camera crew to my office for my opinion on the market. The interview lasted about 10 minutes and the reporter told me they were doing a story for the six o'clock news.
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5 Reasons Why Futures Contracts Give You A Powerful Trading Advantage - October 2003
On Saturday October 11, 2003, I listened to Mike Campbell interview Jim Rogers, the famous investor/traveler, on the Moneytalks Radio Show . Jim was making the point that he thought the bull market in commodities was going to continue when Mike asked him what he thought was the best way to play that trend. Jim replied, "The best way is to buy futures contracts."
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Highlights of Victor's speech at the World Outlook Conference
Bayshore Hotel, Vancouver, BC. February 7, 2004
This past year we saw some really amazing moves — who would have thought the CAD$ could have rallied that much — how about the stock market — up 40% from year ago lows — gold and gold stocks and commodities have had big moves — copper up 50% at 7 year highs — interest rates at lifetime lows.
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