U.S. Gold's properties also hold great promise. This week's big rally came on news of encouraging exploration results from UXG's Tonkin Springs property, located between two historically productive Nevada trends (the Cortez Trend and the Carlin Trend).
U.S. Gold recently consolidated its position by acquiring three companies that owned neighboring properties. McEwen says he will build Nevada's premier mining company, and I believe him. He's done it once already.
U.S. Gold had more incremental good news after the bell Friday, when it reported that it would be cross-listed on the Toronto Stock Exchange. Recall that the company upgraded its U.S. listing from OTC BB to AMEX last December.
Finally, because I lack a deep understanding of the mining industry, I find it encouraging that others who are unquestionably more knowledgeable have set their sights on UXG. In particular, I first became interested in the stock after reading a piece by Bill Cara, and have continued to track his work on U.S. Gold and other mining stocks. You should too.
As always, I took a bit off the table into the ramp, but I intend to stay long UXG. I wouldn't be at all surprised if UXG retests or exceeds its old highs above $10 within the next six months.
Disclosure: I am long UXG.