GSPG Dips with Gold Prices

Despite announcing the expansion of its gold and silver exploration program because assay results indicate a 50% increase in known mineral reserves, GoldSpring Inc. (OTCBB: GSPG) dropped 12% Tuesday on more than 33,000 shares traded.

After closing above $900 an ounce on the NY Mercantile Exchange for the first time since 8/4 on Monday, Gold dropped to $891.20 Tuesday.

This could have played a minor role in GSPG's performance. On the other hand, with more than 3 billion shares out and the stock having had a tough go at things last week, maybe some weaker hands were shaken out.

Either way, gold will surely be a hot commodity going forward and GSPG claims to have plans to soon prospect son. For that sole fact, I'll have my eye on them despite the exorbitant share count.