Golden Ridge Resources (TSXV:GLDN), part of the prolific Golden Triangle in British Columbia, Canada, has been shining in the penny stocks department since the start of June. In fact, the GLDN stock has increased 47% since June 1st, 2018, because of its posted Williams Zone drilling results.
However, GLDN appears to be taking a drastic turn.
Golden Ridge Resources: September 27th, 2018
Gold penny stocks, like all the other mining penny stocks, are volatile. But Golden Ridge, for a while, looked like it was going to be the exception. Today, not so much.
According to Yahoo Finance, as of 10:37 a.m. EDT, GLDN is trading at $0.23, which puts the gold stock down 16.36%.
And why? There doesn’t appear to be a reason.
Recent Golden Ridge Resources News
Golden Ridge Resources has not made an announcement in 17 days, but that’s not something to worry about; the news was positive and provided an optimistic outlook.
On September 10th, 2018, the gold penny stock company announced that it plans to continue to intersect broad intervals at its Williams Zone property, located in British Columbia.
Golden’s Vice President of Exploration, Chris Paul, even commented on the news, saying the progress at the Williams Zone property is “very encouraging” and that “results so far have been excellent.”
In August, Golden Ridge Resources was hitting new 52-week highs almost weekly. On August 17th, the GLDN stock was trading at $0.415. Three days later, GLDN was trading at $0.465. 11 days later, $0.52.
So what happened?
Turn of Events
As mentioned, penny stocks, in general, are unpredictable—but that’s what makes them so attractive. Lots of risk means lots of gains if you play your cards right.
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Plus, GLDN is not the only gold penny stock hanging out in the red zone today. Golden Star Resources (TSX:GSC) is currently down 1.02%, Aben Resources (TSXV:ABN) is down 2.50%.
The Takeaway
Why do you think some gold penny stocks are dropping today?
Featured Image: Depositphotos/© eteimaging
