Yamana Gold (AUY): The only stock up today

As predicted, the market is going to hell in a handbasket today - the only bright spot I can find is Yamana Gold Inc. (Public, NYSE:AUY).

Gold futures rebounded this morning after suffering their longest losing streak since August.

June futures were climbing $14.30 to $882.20 an ounce at the Comex division of the New York Mercantile Exchange. The contract has traded as low as $865.60 and as high as $884.70 so far during the session. Silver was adding 31 cents to $12.10 an ounce, and copper prices were slipping slightly to $2.12 a pound.

Yamana Gold generated record revenue for 2008, despite a sharp decline in prices for some metals. Yamana took a hit from declining copper prices in the fourth quarter, but expects further revenue and earnings growth to come almost entirely from precious metals. Like peer Kinross Gold (NYSE: KGC), Yamana experienced declining production costs in the fourth quarter, and predicts that downward trend to continue, further adding to its margins for gold.

The company plans big production increases in 2009.

StockMasters, Yamana is a solid long term play for your portfolio. I wouldn't be surprised to see double digit gains in the stock price in the next few years.