USA Graphite Inc (OTC:USGT) Gets Close to $1 on Huge Volume

USA Graphite Inc (OTC:USGT) is one of the two biggest pumps at the moment and yesterday it got close to the $1 mark.

USGT, pumped by Stock Castle, WallSt Advisor and the other pumpers in the group, closed up 7.6% at 92 cents with a brand new volume high of 5.4 million shares.

The pump started back on December 4, 2012. It has been one of the most intensive pump jobs in quite a while. In addition to the $800 thousand paid promotion, there have been spam emails and paid message board posts.

The hype created around USGT has brought the market valuation of the company to more than $120 million. From the point of view of the pumpers and those who paid for the pump, USGT is already a huge success.

Unfortunately for those who actually believe USGT is a solid investment, the company still hasn’t delivered anything to justify the $120 million. Still, the hype and the forward-looking statements seem to be enough for USGT to run close to a dollar per share.

This pump has already out-performed the previous job of the same group of promoters. Premier Brands Inc (OTC:BRND) only ran for about 8 sessions before crashing and the potential gains for those who sold on time were much smaller.

This doesn’t change the fact, that the company has insignificant assets, no revenue stream, no financing and no operations to speak of. Traders seem to be happy with a company which has $2 thousand in cash and acquires properties from a company which has the same address as the legal counsel for USGT.

Blinded by the promises of the pumpers traders have pushed the price of USGT to about $0.93 at this time.