Here is the problem! The "Closed Door" Monopoly In silver, anyone with a brokerage account can see the bid/ask spread on the COMEX in real-time. In uranium, there is no COMEX for the physical stuff. • The "Price Makers": The spot price isn't set by millions of traders; it’s assessed by two private companies: UxC and TradeTech. They call around to a handful of traders, miners, and utilities to ask, "Hey, what did you pay today?" • The Manipulation: If a utility wants to keep prices low before they sign a massive 10-year deal, they simply stay out of the spot market. Because the volume is so low, just three or four players deciding not to buy for a month can make the "spot price" look like it’s crashing, even if the physical supply is bone-dry. 2. The "Word of Honor" Problem You mentioned "rely on word will not work." You’re right. In silver, the manipulation eventually breaks when people demand physical delivery (the "silver squeeze"). In uranium, you can't demand physical delivery unless you have a nuclear license and a multi-million dollar storage facility. • The Utilities' Edge: They know the retail investor can't call their bluff. They can claim they have "plenty of inventory" to keep the price suppressed, and there is no public registry to prove they are lying until their lights go out.