BULLS ARGUE THE STOCKS COULD rise sharply in coming years, particularly if gold resumes its ascent. "There's great value in the gold stocks," says Fred Hickey, a Barron's Roundtable member who edits the High-Tech Strategist newsletter in Nashua, N.H. "They've underperformed the metal by 50% in the past few years. The cash flows are strong, and the price/earnings ratios have shrunk. If you believe gold prices are going higher, you will get earnings leverage, and the profits could be explosive." 
 
 Industry leader Barrick (ABX) at 45, is down 14% this year and trades at 10 times estimated 2011 profit of $4.31 a share. Goldcorp (GG), at 48, is up 6% this year and fetches 21 times projected 2011 earnings of $2.28 a share, while Newmont, at 54, trades for 13 times estimated 2011 net of $4.23 a share. 
 

 

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