Wednesday, March 10, 2010

George Soros and John Paulson love this gold stock

NovaGold Resources must be doing something right. Both George Soros and John Paulson are making big buys in the gold explorer.

Soros is buying $75 million in stock, while Paulson intends to buy $100 million.

Before you jump in too, you should know the company is issuing new shares for these guys at $5.50 each... meaning they'll have an instant gain of about 25% based on today's closing price. Not a bad deal if you can get it.

Those of you without billionaire hedge-fund connections could look to buy on a pullback near $6 or a strong breakout to new 52-week highs over $7.

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