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TheStreet Open House

4 Stocks to Profit From the Bounce

1. Allied Nevada Gold

With its current share-price down around 90% from its 52-week high, it's time to look closely at the gold and silver mining company Allied Nevada Gold (ANV). As with other miners, the company's stock price has suffered greatly from both the steep drop in the prices of the two top precious metals and the migration of investors away from mining stocks and into gold and silver ETFs.

>>5 Earnings Stocks Everyone Hates -- but You Should Love

But ANV has additionally been crushed due to the company's report, during last quarter's conference call, of a couple of huge production blunders at one of the company's main mining sites. Company management has taken full responsibility for the production debacle, has identified the sources of both problems and appears to have completely fixed both issues -- leading already to record productivity at the site in question, in this current quarter.

With gold and silver prices having already rebounded significantly from their June lows, and with ANV trading at 1.5 times sales and 0.5 times book value, with a PE of only 7 and a daily/monthly RSI showing deeply oversold readings of 12.7/17.4, respectively (see chart), I think this stock is primed for a big juicy bounce to the upside.

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