AUY - Why Shares of Yamana Gold Soared 14% in March
Glittering brightly in investors' eyes, shares of Yamana Gold (NYSE: AUY) soared in February , and their appetite for the gold stock remained strong last month as well. According to data from S&P Global Market Intelligence , Yamana Gold's stock climbed 14% in March.
Was it an analyst upgrade? Positive news from a drilling program? A strong earnings report? No, no, no. It wasn't any of the usual suspects that motivated investors to add some luster to their portfolios last month with Yamana's stock. Instead, it was the rising price of gold that moved investors to act.
As geopolitical tension remained high throughout March, investors raced to add gold exposure to their holdings, leading to the price of the yellow metal rising 1.7%. This wasn't all too surprising considering how many investors recognize gold as a safe investment to mitigate the risk of a downturn in the market.
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Why Shares of Yamana Gold Soared 14% in March