Barron:  “I’ve just been to the Prospectors and Developers Conference (PDAC) in Toronto.  That is the world’s largest mining convention and it finished yesterday.  Twenty-five thousand people attended this year....

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“That is 5,000 less than the record of 30,000 attendees, which was last year, but still quite a respectable showing and a surprise to many people.

People expected far less than 25,000 attendees this year, but the markets are turning around, and so this had attendance higher than expected.  Interest is growing in just about everything -- in commodities broadly.  Certainly there is a great deal of attention being paid to the precious metals because they’ve come off the lows.

The fascinating thing to me was the interest in uranium.  The Japanese have made an announcement that they are going to restart 17 reactors.  The first reactor will most likely be restarted before the end of March, and there will be more restarts from there.

So we’ve seen a lot of the uranium stocks significantly appreciate over the last week or so.  In last week’s KWN interview I mentioned three stocks that should be huge winners for 2014:  Cameco Corp., which is up 3.5% since the KWN interview, Denison Mines (DNN), which is up 8.8% since then, and the company I founded, U308 Corp. (UWEFF), which at the high yesterday had advanced a staggering 53% since I mentioned it in last week’s KWN interview.

But getting back to the uranium market, this announcement by the Japanese is huge news. It was anticipated by the big money.  The Russians have also just banned uranium exports through Ukraine.  So Ukraine has only about a month’s supply left to fuel its reactors.

Eastern Europe is going to be in a bit of trouble because everyone who buys from Kazakhstan and Russia will not be getting uranium for the time being.  It is still winter in Eastern Europe, so it is very important that these countries can receive uranium to power their nuclear reactors so they can produce electricity.  On top of that, we already know there is a international uranium supply crunch coming this year.

Two days ago I spoke to the man who is the world’s greatest authority on uranium deposits.  This man does a great deal of work for the large French uranium company, Areva.  He told me, ‘There is not going to be any forward development of any uranium projects worldwide until the price of uranium gets to $70.’  That was incredibly bullish news he gave to me regarding the price of uranium, which is currently still below $40!

So I expect the price of uranium to go up incredibly fast, and I am extremely bullish on the stocks for that reason.  People were also worried about a so-called overhang of Japanese uranium that may hit the market.  Well, it seems that the Chinese have taken 49 million pounds of that excess inventory.  This will only exacerbate the tightness in the uranium market later this year.”

Barron Bullish on Gold

“Sentiment at the PDAC had turned around both for the seniors and for the juniors.  Of course the junior miners are galloping ahead of the gold price.  We saw a $30 move the other day on the back of the Russian Army moving into the Crimea.  It settled back yesterday, but gold is going right back up again today.

But gold is not just trading higher on geopolitics; it’s trading up on fundamentals.  Gold has been building a base for a long time now.  We are also seeing the gold shares advancing nicely.  A lot of the fluff has been eliminated from the senior producers.  Meaning, they have offloaded or abandoned some of their ridiculous projects that just didn’t make any economic sense.

So we should see momentum continuing to build for the rest of 2014.  There is still a great deal of demand coming out of China and India.  I still believe that India is going to repeal its punitive taxes on gold imports.  This will be incredibly bullish for gold as the Indians are the number two consumer of gold.

We will have to keep an eye on this Ukrainian crisis because it has the potential to lift the price of gold if the situation becomes more aggressive.  One Internet site was pointing out today that if you type in ‘Cameron and gold,’ or ‘Obama and gold,’ you are not going to see much. But if you type in ‘Putin and gold,’ you’ll get several pictures of him fondling some gold bars. [laughter ensues]  He loves gold and the Russians love their gold.”

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Eric King

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