Gold News

Uranium Pump, Again

Reddit gets played, again...
SINCE highlighting the Uranium sector back on 2 September to subscribers, the answer has come in, writes Gary Tanashian in his Notes from the Rabbit Hole.
Uranium was P.L.A.Y.E.D.
Played. As usual.
Back then I asked...
"So, is this something real or is it a traditional rotation of the machines roving through an outlier commodity patch?"
Neither. It turns out that according to a reliable source Sprott was moving its own market by buying u3o8 for its holder fund.
To make matters worse, in jumped Reddit with the same stink it sprayed onto silver back in January. This time with some legit sounding fundamental analysis as opposed to the lame silver rationale of the time.
Was the Uranium pump analysis legit or not? I'll never say never. But it was a pump nonetheless. Intentional or not. Scores of casino patrons, probably including a few machines, jumped on and performed one of those spikes that the sector is notorious for.
Here is part of the blurb from NFTRH 673 that accompanied the chart.
"I sold UUUU too soon, but you will not catch me complaining. Part of who I am is someone who sells hype and whatever is going on with Sprott buying u3o8 and Reddit pumping the stuff, I don't want any part of it. Not until this traditionally played sector does some support testing, which they are starting to do now."
Well, there goes support #1.

Gary Tanashian successfully owned and operated a progressive medical component manufacturing company for 21 years, through various economic cycles. This experience gave Gary an understanding of and appreciation for global macroeconomics as it relates to individual markets and sectors. Along the way, Gary developed an almost geek-like interest in technical analysis (TA), to add to a long-time interest in human psychology. Various unique macro market ratio indicators were also added to the mix, with the result being a financial market newsletter, Notes From the Rabbit Hole (NFTRH) that combines these attributes.

See the full archive of Gary Tanashian.

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