As uranium prices languish indefinitely, Goldman Sachs gets out of uranium investing
Goldman Sachs to sell uranium unit BUSINESS DAY, BY SCOTT DISAVINO AND DAVID SHEPPARD, NOVEMBER 25 2013 NEW YORK — US BANK GOLDMAN SACHS GROUP HAS PUT ITS URANIUM TRADING BUSINESS UP FOR SALE, A SOURCE FAMILIAR WITH THE MATTER SAID ON FRIDAY, THE LATEST SIGN THAT WALL STREET’S MOST STORIED COMMODITY TRADER IS PARING BACK PARTS OF THE BUSINESS.
The move comes as other US banks, including JPMorgan Chase and Morgan Stanley, look to exit physical commodity trading in the wake of increased government scrutiny, squeezed trading margins and forecasts for tepid demand in certain markets……
The move to sell also comes as uranium prices languish at their lowest since 2005. Spot prices of U3O8 (triuranium octoxide), a material that is converted to uranium hexafluoride for the purpose of uranium enrichment, have ranged from $34-$35 a pound since September, less than half the price prior to the Fukushima disaster in Japan in 2011……
Financial firms started to get into the uranium business in the mid-2000s when prices were rising on expectations demand would grow with the nuclear renaissance. Reuters http://www.bdlive.co.za/world/americas/2013/11/25/goldman-sachs-to-sell-uranium-unit
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