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Gold prices touched the $2,000 mark in the year 2011. However, since then, there has been a drastic consolidation of the yellow metal.
In 2013, gold bugs saw the gold price dropping 24% against the U.S. dollar. Even the top gold stocks suffered last year, and it marked the third-worst decline in the history of gold since the year 1975.
But gold stocks in 2014 are being fueled by gold prices' climb. The yellow metal has rebounded from late December into mid-March, tacking on about $200 an ounce, or nearly 17%.
"To a large extent I think the bears were exhausted, and most (if not all) sellers had finally sold," Money Morning Resource Specialist Peter Krauth said. "Gold was coming off a technical low and sentiment extreme around the $1190 price range."
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Here are two top gold stocks investors can use to tap into the current bullish gold market…
Two Top Gold Stocks To Ride The Bull
Newmont Mining Corp. (NYSE: NEM) opened at $23.84 per share on April 16. NEM stock has a 50-day moving average of $24.29, and a 200-day moving average of $24.76. This top gold stock has a market cap is $11.870 billion.
When Newmont reported earnings in February, it revealed earnings per share (EPS) of $0.81. Analysts expect Newmont will grow to an EPS of $0.94 for the coming financial year. Shares have achieved an average "Hold" recommendation from twenty ratings, according to experts.
Newmont produces around 5.4 million ounces of gold every year and has estimated reserves of around 93.5 million, making it one of the largest producers of gold worldwide. The company has a significant international presence, with assets and operations in the United States, Peru, New Zealand, Ghana, Mexico, Indonesia and Australia. It employs nearly 35,000 people around the world, including a number of contractors. NEM also mines other metals like copper and silver.
The company is in the process of streamlining its operations in an effort to boost its competitive advantage. In 2013, it sold its investment in Canadian Oil Sands, as well as its Midas Mill Complex in Nevada. Newmont's financial flexibility and its ability to churn out gold through a number of avenues will be a catalyst for Newmont stock.
Osisko Mining Corp. (OTCMKTS: OSKFF) is one of the top gold stocks to watch right now. Osisko is a gold exploration company that has operations and assets in the Canadian Malartic gold deposit, which is situated in Quebec, Canada.
Shares opened at $7.22 per share on April 16. The average daily volume over 13 weeks is 91,539. OSKFF has a 52-week range of $2.88-$7.31. In a research note issued on April 17, CIBC boosted its price objective from $8.00 to $8.15 according to American Banking & Market News. The new price target suggests an upside of 1.88% from the stock's previous close.
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