Novagold has fallen the furthest as Wall Street analysts expect the company to be unprofitable both this year and next year. It’s possible that, being a distressed business, its stock price has the most to gain from a recovery in gold prices
That's possible. You can be sure if gold takes out 2000, which I believe is nearly inevitable, Ng will double from here. And 2000 gold will change the psychology of all the players, some looking for more reserves etc etc... But, it's the timing that's the killer. Ng is a gamble with a fairly high probability of success.