Following the cooled investor optimism, Geovic Mining Corp. (TSE:GMC), (OTC:GVCM) stock makes attempts to pull back these days.
Though the heavy volume traded on Friday, GMC shares closed with no change in the price, confirming investor uncertainty about the next upward move.
On the Toronto Stock Exchange, GMC stock entered the trading session higher than it closed on Thursday, when the first in row share price pull back took place after five sessions of surging up.
During the session, GMC lost 5% of its value on a volume exceeding more than three times the average for the company, probably in response to the zero change in the price from the previous day.
At the same time, investors on the American OTC market were convinced in GVCM stock downward direction. On Friday, GVCM returned back by 0.13% on five times the average volume.
The last strong rush of Geovic Mining Corp. shares happened at the end of September. Then, parallel to the appointment of the General Manager of the company’s subsidiary Geovic Cameroon PLC, Geovic Mining announced that the Lycopodium’s Feasibility Study Update is planned to be completed by end of this year.[BANNER]
On these news and maybe on some speculative interest as well, the shares were in the apogee of their best performance. As a natural follow up, this month started with a correction in the price of GMC.
The return back was maybe also in unison with the not so optimistically looking price chart of cobalt, not bypassing the fact that the company is not producing it yet. The market price of cobalt, as opposed to the surging price of gold, is at levels still lower than the ones from this March.
