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« Silver, Gold, HUI and the US Dollar! | Main | Yamana Gold Incorporated: Prelim Results for Q2. »
Friday
Jul112008

Yamana Gold Incorporated: BUY!

Yamana Gold chart 12 July 2008

Today we acquired a few more shares in Yamana Gold Incorporated for an average price of $14.95 as gold added another $18.20 on top of yesterday’s gain of $13.40 to close at $964.60.

Yamana Gold’s stock hit $17.00 recently but then suffered at the hands of the profit takers which drove the stock down. On top of that yesterdays preliminary results were greeted with a bit of a yawn.
So, we took another look at Yamana and decided that it was oversold and therefore presented us with a buying opportunity. The day opened with Yamana and many other gold stocks on a tear with prices higher then we wanted to pay, so we waited patiently. However Yamana appeared to be in no mood to please us so we met the market and bought.

Taking a quick look at the chart we can see that Yamana Gold had lost around $3.00 during its recent sell off, however it landed on the its 200dma and bounced today. We can also see that the technical indicators, especially the STO and the RSI, are in the oversold zone which suggests to us that the downside is now limited.

This investment is part of our exercise to deploy our ‘opportunity cash’ over the summer period in readiness for what we see as continuing strength in both gold and silver as they go on to challenge their previous highs.

Have a sparkling day.



Yamana Gold Incorporated trades as AUY on the NYSE and as YRI in Toronto.

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Reader Comments (2)

On Friday we had a week of the greatest decline in gold prices that has been experienced for numerous years. Then today you publish these Yamana Gold recommendations based on news articles dated last July.

Boy I do not need this kind of intellect. After the greatest market decline you recommend a buy on Yamana based on July 08 articles. I do not need this kind of sensitivity in recommendations.

October 13, 2008 | Unregistered CommenterBen G Fay

Ben,

Some time ago our readers asked us to group together articles about a particular company so that they didn’t have to search the whole site to see what we had written in the past about that company.

So we came up with the idea of relating articles by the company name, which works well for Cameco as the system then groups together those articles about Cameco.

However for articles of a more general nature the system does not work so well. Hopefully we can improve on it in future.

October 13, 2008 | Unregistered CommenterGold Prices

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