Yamana Gold (AUY) Stock Spikes as Gold Edges Up
NEW YORK (TheStreet) -- Yamana Gold (AUY) - Get Report shares are up 2.78% to $5 on Tuesday, getting a boost from rising gold prices on the back of the weakening dollar.
Gold for June delivery is up 0.24% to $1,277.30 per ounce on the COMEX this afternoon.
Even though the weaker greenback is one of the catalysts, the biggest driver for the recent gains in gold is "renewed investment demand," according to Nico Pantelis, head of research at Secular Investor, MarketWatch reports.
Looking ahead, prices could reach the $1,300 level near term, Pantelis added, noting that he sees several bullish signals.
The Dollar Index was recently down 0.07% against a basket of other currencies.
(Yamana Gold is held in David Peltier's Stocks Under $10 portfolio. See all of his holdings with a free trial.)
Separately, Yamana Gold has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's feeble earnings per share growth, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: AUY
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
