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« Gold: Short Term Uptrend Being Formed | Main | Was Selling In May A Good Idea? »

High River Gold Up Over 16% this Month

In a recent surge in stock price, High River Gold Mines has gained more than 16% in the last month, despite gold prices experiencing no real upswing in the same period.

High River Gold Up Over 16% this Month

HRG mainly rose on news that their Berezitovy Gold Project was nearing production.

Over the last month HRG shares have risen from around $2.48 to the close of $2.89 yesterday, a rise of 16.53%.

We first signalled a BUY on High River Gold at $2.49 so we are currently looking at a paper profit of 40 cents a share, about 16%

However despite this rally in High River Gold, the stock is struggling with resistance at the $3.00 mark, where it found resistance earlier this year in mid April. Once HRG breaks through $3.00 it will need to make an all time high at around $3.20 and then there is no foreseeable technical resistance after that point, as the stock would then be in uncharted territory.

With High River Gold's production profile and a number of their projects coming into production over the next 1-2 years, they are a prime target for the large cap producers looking to replace dying mines or looking to ramp up their overall gold production. With a market cap of 724.25M it could easily be snapped up by the larger companies who acquire gold on the stock exchange rather than going through the hassle of exploring for it themselves.

We continue to have High River Gold Mines as a BUY in our gold prices portfolio of gold stocks. It has done well recently as the stock has held up well despite the sell off and bearish seasonality and it was good to see HRG making a breakout not so long ago. High River Gold trades on the Toronto Stock Exchange as HRG.

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