Tuesday, June 28, 2016

Tanzanian Royalty Exploration (TRX) - Price Doubled, Now What?

Shares of Tanzanian Royalty Exploration have doubled recently from around $0.25 per share to $0.50 per share currently.

These shares have traded much higher several years ago before the big selloff in mining and especially junior mining shares.

But like many other gold stocks, TRX has come back to life recently posting a 100% gain in just a short time.

So where might it go from here? A couple of things to consider are that Jim Sinclair, CEO and major shareholder of Tanzanian Royalty, has lifted the force majeure contract dispute with Stamico and is preparing to begin commercial production of gold.

This means that Jim's company will be a producing gold mining company sitting on a big deposit of gold.

Take a look at this weekly chart of TRX and see what type of upside this stock has:

TRX has built a solid base at $0.25 per share and now is testing resistance at $0.50. If it can get above $.0.50 and stay, the next target looks to be in the $1.00 range. Another double from current levels.