I routinely traded the range over the recent times...that being, buying in at 15% to 20% discount to NAV and then selling as it approached below 5% NAV.

Lately we have stayed below 5% Nav with the range being 3% down to less than 1%- with uranium sitting at 50 and the contracting cycle getting every closer, it is possible that bar an outright market wide sell off, we won't see the 20% discount for some time.

Yellowcake is still an equity and at the mercy of the market and we are seeing the cable rate affect the NAV also, so that is also worth keeping an eye on.

Macro backdrop for yellowcake is supportive of the price and even with currency/spot movements, we are fairly well supported, at the current price - a market wide sell off should still see solid support maintained at £4 a share, if it gets that low -

as rogue points out uranium trend is key - as it is decoupled from the rest of the market and won't budge much, if at all, even if the rest of the market goes to hell in a hand cart.

Whenever I have taken profits here, I am usually far more worried about not having a position, than having one and seeing it drop, due to the uranium market fundamentals

I have re-entered again today, just before the close at 431, after trading the run from 431 to 442 yesterday.