Here’s one gold stock that might work. (May 30, 2014)
AUY GLD AUY
In this Chart of the Day video I want to look at Yamana Gold ( NYSE:AUY ). I haven’t looked at gold in a long time; the reason is because it’s pretty much going lower and I don’t feel like shorting it, but I sure as heck wouldn’t be comfortably long or anything like that. Not really caring about this, “Oh well maybe it’s a triple bottom.” Well all right, we’ll let you know what it is after it tests 115.00, so I don’t care about that.
I’m looking at Yamana Gold ( NYSE:AUY ) and this is looking kind of interesting because the stock has been bouncing around the same level for a bit. Then on Friday the stock was a really nice performer, up over 3 percent, of course it’s a $7.00 stock so 3 percent is 23 cents, but still the volume’s nice, I think there’s support here at $7.00. So if you’re a gold bug, you don’t want to trade gold, but you’re looking at this thinking, “Well maybe it’s gone down enough,” then I think maybe you can take a shot here. You buy a little Yamana Gold ( NYSE:AUY ), set your stop, the low here was 7.02 on this day, I mean you literally set your stop at 6.95, 6.98, whatever, not at 7.00, but you set your stop just slightly below $7.00, so you’re risking about 38 cents here on this stock and you could be buying this at what turns out to be the bottom.
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