Today is an interesting day. While gold stocks have been on fire and silver mining stocks such as Aftermath Silver have been soaring in recent weeks, today the price of gold is down roughly $35 and is back below $1970. This is causing some selling in mining stocks, but not in shares of GoldMining Inc. (OTCMKTS: GLDLF), which are up over 12% so far this morning in strong trading action. A lot of volume is coming into the stock as you can see from this chart.
The stock has traded over 2 million shares on the US OTC today and is one of the most active stocks in terms of the number of individual trades done on it this morning too. It’s main listing is on the Toronto Stock Exchange where it trades under the symbol GOLD (TSE: GOLD) and has done 1.8 million shares of trading volume this morning.
With the share price of over $2 the stock has a market cap of over $313 million US dollars, so this is a lot of money trading the stock today. Part of what is driving interest in the stock is the fact that the former CEO of Goldcorp has joined the company’s advisory board and become head of its royalty subsidiary to help move it into becoming a large gold royalty play in the sector. Here is an interview with the CEO last year at the PDAC explaining the company.
On twitter today’s price action has drawn the attention of many.
$GLDLF is a "golden" opportunity!— BullTrader (@BullieshTrader) August 19, 2020
Resource Firm Selects Experienced CEO for Royalty Subsidiary: https://t.co/LKvsNVdeoX— The Gold Report (@SWGoldReport) August 11, 2020
A Haywood Securities report states GoldMining's management "continues to impress with its ability to attract high-profile talent."$GOLD.CA $GLDLF #gold #mining #stocks @GoldMiningInc pic.twitter.com/NxIxe5zy6h
I do not own any shares in this stock, but have been buying many small cap mining stocks as today’s action in GoldMining Inc. (TSE: GOLD) shows us the potential in the small cap junior mining sector as subscribers to my free morning email updates know. Before the market every morning I send out an email with the top stories I think are important before the opening bell and trading ideas. You can get this by clicking here to subscribe.