Pumpers Can’t Let Go of Ghana Gold Corp. (OTCMKTS:GGCO)
Yesterday stock promoters sent yet another round of tout emails for Ghana Gold Corp. (OTCMKTS:GGCO). Even though the company proved to be one of the most painful pump fiascoes of early 2013, the pumpers are obviously so in love with GGCO, they can’t stop sending their emails, no matter how dismal the price performance is.
The original round of pumps for GGCO took place back in mid-January 2013. Since then we’ve read about 100 promoter emails promising a ‘gold rush’, ‘explosive’ opportunities and ‘golden tickets’. Sadly, the price movement of GGCO over this stretch of time tells a different story. To the disappointment of those who believed the hype, GGCO was pressed below its pre-pump price two days after the first touts. By the end of the following week it had gone about 80% down from the spike of the pump.
Promoters, unfazed by the fact that the stock never really took off after the initial crash, sent another volley of pumps on the last day of February that managed to cause a volume spike and as someone sold heavily, GGCO was pushed below $0.02 per share, or 90% below the original pump spike.
The press release issued on May 23 speaking of an acquisition worth billions of dollars in gold did very little to help investors regain confidence in GGCO. On the day the PR came out, the stock spiked intra-day and then closed almost flat. After slipping down over the next few days, a new round of pump took place. Yesterday, before the session started, a number of promoters alerted for GGCO yet again, disclosing compensations between $15 thousand and $25 thousand.
The pumps came at a time when the stock had just slipped 20% in two days and didn’t manage to reverse its momentum. Even though GGCO generated unprecedented volume of over 8 million shares in the wake of yesterday morning’s pump, the price was pressured another 9% down, similar to the previous pump efforts.
The performance of the last pump is not too surprising, seeing who the promoters running it were. Stock Mister was the leader of the pack, with $25 thousand received for the effort. Last week Stock Mister ran a promo on Trulan Resources, Inc. (OTCMKTS:TRLR) that crashed the next day and is currently 40% down from the pump’s spike.
