This has been a week of wild market volatility in which the DOW fell over 600 points on Wednesday then jumped Thursday only to trade down a bit this morning going into the open. On Wednesday day gold dipped a little while gold stocks got slammed, as just about every stock got hit hard in the day’s selling. However, when we look back at this week shares of gold junior mining and exploration stock Sonoro Gold (OTCMKTS: SMOFF) stood firm.
Sonoro Gold (OTCMKTS: SMOFF) has been trending sideways now since Labor Day consolidating and working off its huge price advance from about 8 cents a share up to 34 cents. Huge gains like that often lead to periods of price consolidation to prepare for the next move higher. The fact that the stock held up good this week in a time of a big selling day overall in the gold stock sector is an excellent sign for the stock. The company has a lot planned for this year, including an expanded exploration program and actual gold production. It’s a big reason why I own the stock. I made it my top stock pick of the month for January and you can see my detailed profile on the company in my first post on it here.
On January 21st company management held a live webinar to update those interested about its recent developments and plans. They then posted a recording of the video three days later that you can now watch here.
Disclosure: Mike Swanson owns shares of Sonoro Gold Corp. Because it is a small cap stock with a market cap of less than $100 million he has put himself in a trading blackout on the stock and will not buy or sell a share of it for at least 30-days from the date of this post. Wallstreetwindow.com, is owned by Timingwallstreet, Inc., which is being compensated by a third party (Leadgopher LLC DBA Pinnacle Ad Network) to conduct an investor awareness advertising and marketing campaign for Inca One Mining. This third party paid Timingwallstreet Inc., $10,000 to produce and disseminate this and other similar articles and send traffic to them through paid advertising campaigns for 30-days from the date of this post (1/04/2020). This compensation should be viewed as a major conflict with our ability to be unbiased, more specifically: This communication is for entertainment purposes only. Never invest purely based on our communication. For more on trading risks read our policy statement by clicking here.