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To deliver attractive returns to shareholders principally in the form of capital growth, through investment in companies involved in the exploration, development and production of uranium to supply the nuclear power industry.
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Hi. I'm new on this thread, but been holding YCA since inception. I looked at GCL at the time and couldn't think why I would pay a premium ofr a bunch of dodgy miners when you could just buy physical. Seems GCL had a fantastic 2022, but over 4 years they are pretty much the same performance. YCA is sitting on 12% discount (US SPUT on 2%). i was intrigued seeing GCL on a 24% discount what is going on.
You guys are familiar with this stock so is there something off in the maths of the quoted discount? Is the fund full of dodgy unlisted securities doesnt look like it), is this so weird UK IT discount thing? Similar trust to Golden Prospect which also persistently trades at 20% discount so maybe its just a thing with UK commodity trusts. .
Feels wrong ,but guess you all feel that.
With the Uranium spot hitting 15yr highs you'd think this would be higher than where we are, back in Apr 22 this was trading at 77p which was at a premium to the NAV of 67p but we're currently trading at 49p which is a 22% discount to the 63p NAV, have i got these figures correct? If so what's the reason given the new highs in the Uranium Spot? Us being on the brink of WW3 in the Middle East?
Noticed that significant buybacks have begun, which is very welcome.
I daresay most who have bought GCL are well aware of the Uranium thesis and are here because the discount to NAV is compelling, so watching to see how these buybacks stack up.
Https://www.ft.com/content/3574031b-7d75-4215-86b2-15feaed6ab7f
The world needs nuclear energy. This may still be unpopular with the public, but is widely accepted in the commodity market. Uranium prices (U3O8) have climbed more than a quarter to $65 per pound in the past six months. Noisy bulls have put their money where their mouths are.
Getting carbon-based fuels out of the electricity generation system requires more than wind and solar farms. These have too much supply intermittency. Plain, steady state generators can provide the balance of electric power needed.
Nuclear, despite the long build times, costliness and safety concerns, should win out. Since 2000, the number of operating reactors has fallen slightly. But by 2030 there should be another 32, mostly in China, according to Liberum data. Each new reactor in China needs more than 100 tonnes of the mined U3O8 equivalent.
That growth plus life extensions for US nuclear power plants means demand should exceed supply from 2025.
Speculators in Canada’s Sprott Physical Uranium Trust and UK-listed Yellow Cake, which buy and hold uranium, have squeezed up prices in a thinly traded spot market.
But nothing offers a klaxon alert for a commodity like a supply crunch. The world’s two largest uranium producers, Kazakhstan and Canada, together account for 58 per cent of output. Close Russian ally Kazakhstan supplies some western buyers, and Russia could block its obvious export routes. Others are costly, says Robert Crayford of Geiger Counter Investment Trust.
Toronto-listed Cameco, Canada’s miner of uranium, has sold all its output years ahead. Other big producers, Australia and Namibia, are in slow run-offs. That is why a July coup in Niger, which accounts for just 4 per cent of world uranium supply, lifted prices.
If uranium rises much higher, say much above $70, that should encourage miners to lift output. Almost every supplier in the world would then be producing above their cash costs. That is good news for long-term buyers, less so for speculators.
Few more this morning.
Looking at US markets at close, the Uranium stocks are turning.
Bought more today.
Been waiting for a market correction but I couldn't ignore the huge discount to NAV any longer.
Interesting close.
Not sure if it’s the Russian ban news (although being denied), or people seeing value.
Yes, very strong opening. NXE up ~6% as I type
https://www.google.com/finance/quote/NXE:NYSE
Look at uranium in USA and Canada.
Still seems to be a bit of selling. Hard to under the discount except the UK just don’t get Uranium market.
Still hoping for a re-rate in to the mid 60p zone at some point. 🤞
(Only holding 10K shares in my ISA, so not overly exposed. Just frustrating).
NAV now 68.12p, so current midprice 53.5p is a discount of 21.5%
Also from Proactive today. Geiger gets a mention.
https://www.proactiveinvestors.co.uk/companies/news/1027560/the-uranium-price-is-back-on-the-boil-and-companies-and-markets-are-adjusting-accordingly-1027560.html
Why would any one sell uranium stocks at present? Another strong up day in the states and Canada. Obviously we will have some falls on some days but overall uranium going in one direction (up!). Massive discount to nav.
Mainstream media attention increasing...
https://www.bnnbloomberg.ca/video/expect-further-upside-for-uranium-stocks-as-more-governments-are-committing-to-nuclear-power-analyst~2760626
Could someone please tell steve73 on advfn that he should be dividing by 5+1 = 6, not 5, then he'll get the right answer!
Replying to dickiehh on the advfn BB, re the difference between "NAV" and "Fully diluted NAV"; perhaps someone could pass it over?
I believe it's "NAV" that should be compared with the current SP. The diluted version takes into account that in April you'll have the option of buying 1 share at 37.74p for every 5 shares held (see RNS on 04/05/23 for details).
Suppose you bought 5 shares at the current NAV price, 49.29p. In effect you now hold 6 shares, at a total cost of 5 x 49.29p + 1 x 37.74p = 284.19p. Your average is 284.19p/6 = 47.36p, which is the "Fully diluted NAV", the "dilution" being the issuing of the extra shares in April. On the day the option expires, all else being equal the SP should drop accordingly.
I hope this is correct, HL appear to agree as they helpfully chart the "NAV" figure here:
https://www.hl.co.uk/shares/shares-search-results/g/geiger-counter-ltd-npv
Keep the noise down.
And yet this board is silent...
Those are the buying opps
Its -17.41% right now.. been far to high for far to long..
It's been running at a c.10% discount since the subscription last year. At the same time along came URNP, and GCL suddenly wasn't the only uranium ETF in town. A discount to NAV is normal for ETFs - look at GPM for example.
Its getting painful now
It's pretty much mirrored by the US etfs, it's the performance of the investee companies, obviously
Anybody have any thoughts on the poor performance of this fund this year?