Goff Corp (OTC:GOFF) Stumbles
Yesterday Goff Corp (OTC:GOFF) reached a high of $0.57, but ultimately closed down 3.74% at $0.51 per share on approximately 26.7 million shares.
The company is keeping the PR mill running and the pumpers are sending their tout emails. It’s unlikely yesterday’s stumble will put an end to the hype-fueled run of GOFF, at least not yet.
For those who haven’t followed the pump so far, the main pumpers behind GOFF are the Victory Mark outfit (VM) and the newsletters operated by Degroupa Tenner Morales Media Corp., with Awesome Penny Stocks (APS) being probably the most popular of the latter.
Penny Stock Heroes is one of the VM newsletters. In an email from yesterday, they say GOFF have “retained Logan Drilling Colombian S.A.S. As their preferred choice for their drilling partner…”
If you go through the press release issued by GOFF, you’ll see they didn’t actually say that. GOFF said they had “selected” the aforementioned company. Making distinctions like that may seem petty, but it is important for two reasons.
Firstly, because there is a significant difference between selecting and retaining. When you retain someone you pay them; selection doesn’t suggest that, and as pointed out many times, GOFF has insignificant assets ($5,653 in cash). Secondly, this is a good example of how pumpers mislead the public.
It is important for those looking at GOFF to understand that at no point of its development, was B2Gold comparable to GOFF. At its lowest point, in late 2008, B2Gold had $61 million in cash. The move from $0.40 to $4 happened over a period of 2.5 years and BGLPF crossed the $1 mark when it had already generated millions in revenue from their gold production.
Still, chances are GOFF may continue its run in the coming days, but it’s not a solid long term investment. Readers unfamiliar with pump jobs may want to consider what happened with the previous “mining pick” of APS – Swingplane Ventures, Inc. (OTC:SWVI). GOFF‘s crash may come at any time.