) - This large-cap Canadian-based miner of gold properties in the
Americas made a high at just over $15 yesterday.
AUY has been our favorite gold miner since early this year, and
in July, it broke from a seven-month consolidation on a new gold
and copper discovery inBrazil. The breakout was accompanied by
heavy volume, but in the last week the volume has increased
dramatically as the price of gold rose to almost $1,800 an
Even though Yamana has reached our price objective of $15, it
could track the price of gold even higher. Continue to hold AUY
with a stop-loss order at $13.50, which should protect against a
sell-off in gold. Our new price objective for AUY is $18.
See Sam Collins' Daily Market Outlook:
Panic Seizes the Markets - What Now?
See Serge Berger's Daily Market Outlook:
The Safest Place to be in This Market
See Serge Berger's Trade of the Day:
Place Your Chips on Intel