With the prospect of 30 million pounds of uranium evaporating from the supply lines four years hence, Blackmont Capital research analyst George Topping sees sovereign stockpiling already beginning to make itself felt on the demand side of the equation. In this exclusive interview with The Energy Report, George says he sees the price nudging up to $65 by the end of this year, then to $70 in 2010, $80 in 2011 and $100 within five years.

The Energy Report: Let’s begin with some of your thoughts about uranium. Almost two years ago, spot prices hit a record $137 per pound. A year ago—well before the bottom fell out of virtually all the markets—the spot price dropped by nearly half, to the neighborhood of $70. You focus a lot of your attention on uranium. How do you see its future shaping up?

George Topping: The situation right now is you’ve got the spot …

George Topping, a research analyst specializing in the mining sector at Blackmont Capital, pays closer attention to uranium and copper than he does gold and silver, but in this exclusive interview with The Gold Report, he shares what he foresees: gold flat at $950 per ounce (in real terms) through 2011, copper at $1.80 per pound in two years, and uranium nudging up $100 per pound within five years.

The Gold Report: Let’s begin with some of your thoughts about uranium. Almost two years ago, spot prices hit a record $137 per pound. A year ago—well before the bottom fell out of virtually all the markets—the spot price dropped by nearly half, to the neighborhood of $70. You focus a lot of your attention on uranium. How do you see its future shaping up?

George Topping: The situation right now is you’ve got the spot price down at about $43 a pound …