Ireland (OTC:IRLD) added another two cents today to an already impressive run that began in the middle of May. Shares of the precious metal exploration company finished the day with a 2% gain to close at $1.00. During the trading session more than 430,000 shares exchanged hands, which is eight times its average daily trading volume of 52,000 over the last 90 days. The intraday high print at $1.05 came within shouting distance of the 52-week high set in April when the stock traded for $1.12.
Even though one third of the day’s volume traded in the first 30 minutes, the price of the stock stayed fairly calm during the opening half-hour. In fact the low print of the day at $0.95 occurred by the time the clock struck 10 o’clock in New York. Buyers looked to get their way during the second full hour of the trading session as the stock pushed to its high on the day. Volume withered in the final two hours and the stock retreated toward the closing price.
Looking like the mine ride at Disney World, the stock followed the annual high in April with a new low in May when shares sold for $0.32. Afterwards the stock climbed the mountain traveling on a bumpy railroad bed. The stock has increased 300% since it hit bottom two months ago. The buyers in May must think they really did strike gold.
Ireland Incorporated focuses on the exploration and extraction of precious metals from mineral deposits in the southwestern region of the United States. The Henderson, Nevada based company was founded in 2001 and changed its name from Merritt Ventures in 2005. In the quarter ending in March, Ireland showed no revenues and a net loss per share of $0.03.
News headlines for Ireland have been rather dry. The company filed its quarterly report on May 15, 2012, which roughly coincides with the beginning of the upturn.
The only mention out on Twitter came today from @michiganwar, mentioning a two-day accumulation in the stock.
Traders might be searching for nuggets the next couple of days trying to find an answer to the two-month rally in Ireland. Are there some hidden nuggets below the surface yet unobserved by traders? Or considering the lack of news behind a three-fold gain can the stock keep chugging higher? Finally what does the increase in volume foretell: The top, or more to come?
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