Yellowcake rising again Monday, October 15, 2007 Worried that the slide in uranium prices from a high of nearly $136 (U.S.) a pound in mid-June means the fissile metal has lost its glow? George Topping isn’t. The Blackmont Capital analyst said in a note to clients Monday that nuke-watcher Trade Tech is reporting a $3 increase in the weekly spot price of uranium oxide to $78. That’s the first increase in 16 weeks. “We note for the past two weeks we have seen stable prices, but with much higher volume,” he said. “The increase indicates that the decline in the uranium price has touched bottom and a moderate and more orderly appreciation in price is about to begin.” He is now forecasting prices will slowly recover to an average of $100 a pound in 2008 and $110 in 2009. Over at Raymond James, meanwhile, analyst Bart Jaworski highlighted a couple of recent developments at Uranium One Inc. that he figures were more radioactive for its stock price than merited: the cancellation of an analyst trip to its property in Kazakhstan that the company had planned for later this month and its decision to pull out of BMO Nesbitt Burns investor conferences this week in Switzerland and London. The company’s shares fell from $12.10 (Canadian) last Tuesday to $10.40 at the end of the week, but Mr. Jaworksi told clients in a note Monday that he thinks the selloff “appears overdone.” Uranium One, which he rates “outperform” with a $16.50 12-month-target price, explained the analyst trip cancellation by saying it would have clashed with a board committee visit. Mr. Jaworski said that “at face value, we believe the company’s explanation is plausible,” even though the market may figure Uranium One has run into start-up or ownership problems in Kazakhstan. As a result, he’s recommending that any short-term weakness in the shares should be treated as a proverbial “buying opportunity” by long-term investors.