Golden State Mining only capable of silver on debut.

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It’s a case of deja vu today with yet another delayed resources IPO, Golden State Mining (GSM), delivering lacklustre results on its first day of trade.

We’re not sure if the recent increase in delays to market are intentional or not, given the unfavourable market conditions, but GSM was unable to buck the recent trend for resource stocks as it entered the fray at 17 cents, down 15%.

Fingers crossed for those who bought in, but we’re thinking you might need to sit on these shares for a while to see some gains.