Todor Pichurov

Pershing Gold Corp. (OTCMKTS:PGLC) Logs a Mystery Run

by Todor Pichurov February 26, 2015

Yesterday the share price of Pershing Gold Corp. (OTCMKTS:PGLC, PGLC message board) shot up a good 9%. Volume was heavy at over 3.6 million shares. PGLC landed at $0.39 by the closing bell but the trigger for this new move remains unclear.

The last time PGLC shot up in a comparably large daily move was February 11. On that day the company announced a record concentration of gold in an intercept in its Relief Canyon Mine project. Prior to Feb 11 the best result discovered in test drilling was 2.24 ounces per tonne. The new record announced was 2.57 ounces per tonne.

The good news sent PGLC 16% up on the biggest daily volume the company managed going four months back. However, there was no trigger for yesterday's green leap. The company had not put up any new press releases or published new filings for nearly two weeks, nor has it been mentioned directly in any broader article focusing on the gold market in general over the past few days.

PGLC spent a while gently oscillating around the $0.36 per share the Feb 11 spike brought it to. The new green move coming on the heels of that period of calm could be a good sign for the company. Many OTC companies spike big on PR but often find themselves unable to hold their gains and slide back in a few sessions.

Yesterday's close has brought Pershing Gold within reach of its 52-week high of $0.43 per share. Whether the company manages to hit those highs again remains to be seen.

Comments 1

1. Guest
March 02, 2015, 02:54PM

Quotes Huh.. Well, Todor, I hate to break it to you but the reason it "shot up a good 9%" is actually pretty clear.. I mean.. Is it really that difficult because I am in no way shape or form a seasoned trader but I even spotted it on the radar before it popped.. Not to mention this website is promoting a pattern... recognition... product? Kind of confused here..

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