Uranium prices have more support now than they did when the nuclear fuel hit its all-time high in 2007, according to the chief executive of uranium explorer Madison Metals Inc. (OTC:MMTLF).

Back then, when uranium reached a record high above $130 per pound, physical supply was tight because of flooding at two major mines, falling recoveries from old nuclear warheads, expectations of a nuclear renaissance and the launch of uranium futures in New York.

But the high price proved to be a bubble, quickly falling as end users stopped buying and financial services companies sold the metal. Later, in 2011, a...