This Gold Stock Could Double for Long-Term Investors

Newmont Mining finally appears to have established a valid breakout

   

Newmont Mining (NEM) — This is one of the largest gold and copper producers in the world. A worldwide recovery, even if minor, could benefit NEM’s earnings, and the recent increase in the price of gold is a bonus that investors shouldn’t ignore.

S&P estimates earnings of $0.78 per share for 2014, up from a loss of $5.06 in 2013, which included $7.43 in net non-recurring losses. For 2015, S&P expects earnings to jump 83% to $1.43 per share.

NEM topped near $58 in September 2012. But it now appears to have established a valid breakout from a saucer by closing above its 200-day moving average.

The initial trading objective is $32, but with gold now in an uptrend, long-term investors could see a double from the current price.

NEM Chart
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Chart Key


Article printed from InvestorPlace Media, http://investorplace.com/2014/06/trade-day-newmont-mining-nem/.

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