Greenwood Gold Resources, Inc. (OTC:GGRI) closed up 100% on Friday. Volume was also significant, although it’s not clear why.
GGRI is a junior mining company and had a huge surge back in late June-early July of 2011. The stock was rigorously pumped back then, but after the hype went away and the remaining reality of the company’s actual situation led to a huge crash.
One could see Friday’s surge as an attempt of recovery, but he would be hard-pressed to find any reason for such a suggestion.[BANNER]
GGRI has been silent for a long time, although it has kept filing its reports. They, however, are nothing to get excited over.
The company has next to nothing in assets, and since it has no operations to speak of, it just keeps on losing money.
Friday’s surge may have been triggered by a large trade early in the day, although that would suggest some interest in the stock. Just ten minutes after the open today, GGRI is 12.50% down. Until there is some news about the company’s business, the stock is unlikely to move up significantly.
