Since the news on Wednesday SanGold has performed exactly as I expected: Continued strength and high volume. Up 10% today and up 5% yesterday. As planned I bought more at the open on Thursday. (Even sold some other stocks to raise more cash.)

My call on this is that the share price is now being driven by hedge funds and momo players. The stock is still supported by fundamentals but that's not the driver now. I don't yet have a guess as to what the top may be, but I'm guessing that the duration of this move is at least 4 weeks.

They've already reported that more assay results are pending. That will move the stock again. Then they have been working on that revised resource estimate. I believe that is due in June. I've always had SGR as a core holding, but now that it is "in play", I'll probably sell the entire position when the stock peaks. I really think it will look very much like one of these charts:

http://finance.yahoo.com/q/bc?t=2y&a...

(Kodiak & Noront)

-Alex