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| Pick Up This Cheap Metals Stock Even Lower Than Director Nelsen DidBy Metals Channel Staff, Tuesday, November 22, 12:09 PM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on October 7, Golden Star Resources Ltd.'s Director, Craig J. Nelsen, invested $96,000.00 into 50,000 shares of GSS, for a cost per share of $1.92. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. In trading on Tuesday, bargain hunters could buy shares of Golden Star Resources Ltd. (AMEX:GSS) and achieve a cost basis even cheaper than Nelsen, with shares changing hands as low as $1.91 per share. Golden Star Resources Ltd. shares are currently trading off about 0.5% on the day. The chart below shows the one year performance of GSS shares, versus its 200 day moving average:
Looking at the chart above, GSS's low point in its 52 week range is $1.55 per share, with $4.86 as the 52 week high point — that compares with a last trade of $1.94. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
According to the ETF Finder at ETF Channel, GSS makes up 1.35% of the Junior Gold Miners ETF (AMEX:GDXJ) which is trading up by about 0.9% on the day Tuesday. See what other ETFs contain GSS » GSS operates in the Precious Metals sector, among companies like Coeur d'Alene Mines Corp (NYSE:CDE) which is down about 0.6% today, and Coeur d'Alene Mines Corp (CDEA). Below is a three month price history chart comparing the stock performance of GSS, versus CDE.
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One Reason For Insiders to Buy
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