Yamana Gold (NYSE:AUY) — 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 ounce.
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.
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