Yamana Gold Inc. (NYSE-AUY)
Is gold going the way of the overall market? Usually when the world markets run into trouble, gold will shine, both the metal and the companies mining it. Within the last 12 months the world saw gold prices set new all time highs above the $1000 per ounce in March 2008.
This time however as the market began its retreat on the news of the loan crisis and the possibility of a recession, gold also retreated. Gold is currently trading around the $731.00 price. And as the price of the precious metal has fallen so has the price of the mining companies.
Which brings us to Yamana Gold Inc (NYSE - AUY). Yamana Gold shares saw a high of $19.93 within the last 52 weeks but currently trades at $4.67. They just reported earnings which saw a profit decline and that may account for some current pressure on the stock but this report aside, Yamana Gold Inc looks 2oversold down at this price range given the overall sentiment in the U.S. economy and the overall uncertainty in world market.
Yes I realize that the price of the precious metal has come off from its high but I also believe that investors still see gold as a safe haven. And as we see more turmoil and uncertainty in the markets I think we will see more interest in these gold companies. 2009 may be a year everyone will wish they had added some gold to their portfolio.
At $4.67 a share I think Yamana Gold ( NYSE-AUY) is well worth a look and simply 2oversold.
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Yamana (AUY) is currently trading up to $7.25 in early opening trading. The dollar is seeing more pressure today and could account for some of the early interest here.
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