Yamana Gold Inc. (NYSE:AUY) is now trading under $15 a share. Bull and Bears are all over AUY these days but as Bloomberg.com points out today higher bullion and copper prices may help Yamana and all mining companies. Get your grill on Flav.
Bloomberg.com commented this morning saying:
Gold rose in London, heading for a third consecutive quarterly advance, as global stocks headed for the worst quarter since 2002, increasing the attractiveness of commodities as an alternative investment. Copper was poised for the biggest quarterly gain in almost two years in London.
Yamana Gold, a miner of bullion in Brazil and the U.S., may advance 16 cents to C$15.61, bids showed.
Yamana Gold fell last week after a CIBC World Markets analyst downgraded the stock "Hold" from "Buy" on doubts about production outlook and concerns about higher costs. The broker also slashed his price target to $23 from $26.
The Fool.com said last week that Yamana's pullback is temporary, and it's not time to yank Yamana from your portfolio.
Who cares what everyone says about Yamana, the stock is trading at a great entry point:
Masters, AUY will recover from it's current losing streak, it's just a matter of time.