Shares of gold miner Victoria Gold (TSE: VGCX) are surging to trade over 20% today in morning action. The company has a dual listing stock that also trades on the US OTC markets under the symbol VITFF. On that exchange it has already done over 900,000 shares of trading volume to be one of the most heavily traded stocks today. Here is a chart of the Canadian listing on the Toronto stock exchange.
Yesterday after the close the company gave an operations update on its mining operations with blockbuster news. “The ramp-up of Eagle has gone exceptionally well and we owe a sincere debt of gratitude to our employees and contractors for adopting and embracing Victoria’s rigorous COVID Protocols while working safely and diligently to ensure operational success.”, said John McConnell, President & CEO. “With production ramping up and gold price at record highs, Eagle is poised to exceed our projections!”
Most stocks that trade on the US OTC are microcap stocks, but Victoria Gold has a market cap of over $600 million so today’s big price increase represents massive money flowing into the stock. The rise in gold prices is attracting traders into mining stocks that are successful, because they are giving shareholders massive gains. Excitement on twitter over VITFF is spreading.
Revisiting Victoria Gold As It Ramps Up To Commercial Production https://t.co/lk50f4pGIT #gold #metals #mining #Yukon $VGCX.TO
— CEO Technician (@CEOTechnician) May 8, 2020
1,000 ounce #gold bars from @VictoriaGold’s Eagle Gold Mine in the #Yukon. #metals #mining $VGCX.TO pic.twitter.com/1dqqblLPW9
— CEO Technician (@CEOTechnician) May 8, 2020
I do not have a position in Victoria Gold stock, however I own other mining stocks and I expect moves like this to come to the best stocks in the sector. My top mining stock for this month is turning up now. I mentioned another gold mining stock I just bought last week that produces over 25,000 ounces of gold a year in a talk I had with David Skarica of addictedtoprofits.net in this video.
-Mike
