Just a few tax rule reminders for the dreamers:
1. GGN produces distributions (not dividends) classified as Return Of Capital (ROC).
2. ROC reduces your cost basis (buy a share for $10, get $2 in ROC back over time, and your cost basis when you sell it will be $8).
3. You pay capital gains on any gain when you sell shares; either short term (your income tax rate) if held for less than a year, or 15% to 20% (depends upon your tax bracket) long term capital gains if the shares sold were owned longer than a year.
4. Should your investment end up producing ROC equal to the entirety of your invested dollars, the ROC begins to be treated as income (cost basis cannot go below $0), and is subject to your income tax bracket. Further, if you sell shares with a $0 cost basis, the entire proceeds are further subject to capital gains.
This action is more commonly seen from short covering. GSS has one of the higher short ratios among the miners, and has likely been a running gift to shorters for a few years. It looks as if a number of players have concluded that bankruptcy (pps - $0) is not going to occur after all, and they are exiting (likely still at a very good profit).
This phase will be a back and forth between old shorts looking to buy, and new shorty arrivals selling to them, as most GSS longs won't be playing the in-and-out game. As the phase progresses, the mix of old-term shorts declines and new-term shorts increases; the new comers have a lot less tolerance for pps increases.
A future phase, assuming the pm bull is in fact stirring, will bring actual new long buyers, and a different kind of price rise. (IMHO, current action is enjoyable, but still early game action).
GGN (mainly) works via options on volatility of gold/nat resource shares. They sell "protection" against volatility, and when it doesn't materialize, they get to keep the protection money. In times of actual rapid price rises, they can (and should) under-perform, as they will essentially have to pay up on some actual protection that turned out to be worth something for the buyer.
They also have a history of announcing their div policy (really mostly ROC classified profits from the protection activiey) every 3 months. They are due for another announcement this Feb; so there may be a bunch of money stepping out of GGN to avoid risk of a payout cut.
So there you have 2 more factors that may be influencing pricing. GGN pricing in general is severely disconnectd from reality/fundamentals, so trying to "understand" the logic behind things may be something of a hopeless quest...