Today gold hit an all time high of $1,633 an ounce and is on pace for its 11th straight year of gains. You can capitalize upon this move and the growing infatuation with this precious metal by finding gold stocks. FCX, GG, AUY, NEM are big board gold stocks that have moved significantly over the last few years, but I know you are here because you like penny stocks, and we will focus on potential penny stocks that could catch a bid based upon golds continued ascent.
Today we will focus briefly on SPAH a gold sub-penny stock. SPAH closed today at $.0011 a share and below is its share structure which was updated on OTCmarkets earlier this week:
|Market Value1||$192,467||a/o Jul 28, 2011|
|Shares Outstanding||320,778,363||a/o Jul 27, 2011|
|Float||269,692,128||a/o Jul 27, 2011|
|Authorized Shares||1,000,000,000||a/o Mar 31, 2011 |
SPAH has 4 mining and gold subsidiaries
According to the company's web site: Spectrum Acquisition Holdings is executing a three-pronged strategy for growth. The Company is acquiring interests in high quality, low-risk gold projects with past production and sizeable resources. Spectrum is developing technology solutions to enable more sustainable, smaller footprint mineral exploration, production and processing. Spectrum is also pursuing acquisitions of mining sector service companies including operators, mine site service providers, equipment manufacturers, geology firms and technology developers.
With gold continuing to get a bid, speculative gold stocks should also be well bid going forward. SPAH certainly fits the bill.
Looking at the chart the 50 and 200 day moving averages should provide both resistance and support, which currently is $.0008 and $.0016.
I feel SPAH will be a stock to watch as well other speculative gold stocks in the penny market. SPAH's 52 week high is $.026 and recently hit a low of $.0005. If you haven't already SPAH should be added to your watch list.