Yamana gold has been consolidating around the 10 level since May of 2009. Meanwhile, gold prices are up almost 30% from that point. Yamana is 50% below where it was in March of 2008, when Gold was just barely at $1000 (the first time).
This consolidation will end as soon as Gold decisively breaks out from the $1250/65 area. I believe this will occur in the next week. Gold did a classic break out and re-test move to shake the weak hands out. The next week should be solidly positive for $GOLD futures and should close Yamana above $11, on its way to $30 in the next 12 months.
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