On November 19, 2019, in the post, Uranium Priced in Gold, I stated the following:
I never put much stock in Fordow, as it had a tiny array of centrifuges. I tend to interpret elimination of waivers as a green-light to take additional enrichment capacity underground at Natanz, which enables Iran to function as a de facto black enrichment subsidiary of Russia, China and others. And one might venture to say that Iran is a chief source of EUP continually hitting spot.
Now that the planet’s premier black enrichment site has been put out of commission by our ally, Israel, competitive productive enterprise may now be uncapped globally.
There are two interpretations of the uranium market at large: one that is exoteric, reductionist, almost always wrong, and led by the usual suspects (Nuclear Energy Institute and its establishment sycophants, as well as WNA, etc.) and one that is esoteric, historicist, counter-intuitive, and profitable.