I mentioned Yamana Gold, Inc. (NYSE:AUY) on March 30th as one of my top gold mining stock picks. In the last week AUY has jumped up sharply, trading from $9.32 on March 30th to an all time high of $11.42 on April 6th, 2006.
AUY closed Friday at $11.12. There appears to be strong speculation and interest from gold investors in AUY. Gold futures have risen above $600, but the price of 24 hour spot gold has yet to pass the key price.
I mentioned that I am looking for gold prices to pull back under $550 before getting back into gold mining stocks. I am raising my target price for gold to a range of $550-$565 and I am raising my target buy price for AUY from low $8’s to low $9’s. Gold is currently trading at $587.80.