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The following is a list of the top 15 gold stocks in terms of the Put/Call ratio, which measures the number of open call option positions relative to the number of open put option positions.

Of all the gold stocks, these companies have the lowest Put/Call ratios, i.e. the highest level of bullish sentiment in the options market.

To give more perspective on investor sentiment, we'll also list data on short float and performance.

Options data sourced from Schaeffer's, short float data sourced from Finviz. Note: All data sourced on the evening of Tuesday, Dec 28.

Interactive Chart: Press Play to see how analyst ratings have changed for the top 5 gold stocks mentioned below. Analyst ratings sourced from Zacks. (Note: The numbers on top of items represent the forward P/E ratio, if available)


The list has been sorted by Put/Call ratio.

1. Northgate Minerals Corp. (NXG):
Market cap of $887.79M. Call open interest at 6,143 contracts vs. put open interest at 389 contracts (Put/Call ratio at 0.06). Short float at 3.53%, which implies a short ratio of 2.73 days. The stock has lost -2.56% over the last year.

2. Nevsun Resources Ltd. (NYSEMKT:NSU):
Market cap of $1.39B. Call open interest at 2,569 contracts vs. put open interest at 243 contracts (Put/Call ratio at 0.09). Short float at 0.56%, which implies a short ratio of 1.25 days. The stock has gained 170.61% over the last year.

3. Gammon Gold, Inc. (GRS): Market cap of $1.07B. Call open interest at 15,849 contracts vs. put open interest at 1,540 contracts (Put/Call ratio at 0.1). Short float at 2.78%, which implies a short ratio of 2.45 days. The stock has lost -31.15% over the last year.

4. Northern Dynasty Minerals Ltd. (NYSEMKT:NAK): Market cap of $1.25B. Call open interest at 10,759 contracts vs. put open interest at 1,468 contracts (Put/Call ratio at 0.14). Short float at 0.69%, which implies a short ratio of 1.05 days. The stock has gained 56.94% over the last year.

5. Tanzanian Royalty Exploration Corp. (TRE): Market cap of $660.06M. Call open interest at 36,905 contracts vs. put open interest at 5,810 contracts (Put/Call ratio at 0.16). Short float at 5.01%, which implies a short ratio of 9.09 days. The stock has gained 109.17% over the last year.

6. Exeter Resource Corporation (NYSEMKT:XRA): Market cap of $523.93M. Call open interest at 14,235 contracts vs. put open interest at 2,352 contracts (Put/Call ratio at 0.17). Short float at 0.52%, which implies a short ratio of 0.90 days. The stock has lost -19.84% over the last year.

7. Rubicon Minerals Corporation (NYSEMKT:RBY): Market cap of $1.14B. Call open interest at 15,373 contracts vs. put open interest at 2,766 contracts (Put/Call ratio at 0.18). Short float at 0.23%, which implies a short ratio of 0.35 days. The stock has gained 11.67% over the last year.

8. Aurizon Mines Ltd. (AZK): Market cap of $1.15B. Call open interest at 3,022 contracts vs. put open interest at 719 contracts (Put/Call ratio at 0.24). Short float at 1.74%, which implies a short ratio of 4.24 days. The stock has gained 57.27% over the last year.

9. Keegan Resources Inc. (KGN): Market cap of $407.45M. Call open interest at 416 contracts vs. put open interest at 144 contracts (Put/Call ratio at 0.35). Short float at 0.32%, which implies a short ratio of 1.59 days. The stock has gained 35.41% over the last year.

10. Allied Nevada Gold Corp. (NYSEMKT:ANV): Market cap of $2.27B. Call open interest at 5,970 contracts vs. put open interest at 2,458 contracts (Put/Call ratio at 0.41). Short float at 5.55%, which implies a short ratio of 5.14 days. The stock has gained 73.51% over the last year.

11. Gold Resource Corp (NYSEMKT:GORO): Market cap of $1.45B. Call open interest at 3,605 contracts vs. put open interest at 1,521 contracts (Put/Call ratio at 0.42). Short float at 2.24%, which implies a short ratio of 2.62 days. The stock has gained 155.46% over the last year.

12. Gold Fields Ltd. (NYSE:GFI): Market cap of $12.4B. Call open interest at 57,109 contracts vs. put open interest at 25,602 contracts (Put/Call ratio at 0.45). Short float at 0.74%, which implies a short ratio of 1.34 days. The stock has gained 32.81% over the last year.

13. Yamana Gold, Inc. (NYSE:AUY): Market cap of $9.16B. Call open interest at 164,357 contracts vs. put open interest at 87,709 contracts (Put/Call ratio at 0.53). Short float at 0.7%, which implies a short ratio of 0.55 days. The stock has gained 5.55% over the last year.

14. Fronteer Gold Inc (FRG): Market cap of $1.71B. Call open interest at 9,244 contracts vs. put open interest at 5,097 contracts (Put/Call ratio at 0.55). Short float at 1.69%, which implies a short ratio of 1.85 days. The stock has gained 182.34% over the last year.

15. Eldorado Gold Corp. (NYSE:EGO): Market cap of $9.74B. Call open interest at 34,606 contracts vs. put open interest at 19,598 contracts (Put/Call ratio at 0.57). Short float at 0.68%, which implies a short ratio of 0.78 days. The stock has gained 26.01% over the last year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Top 15 Gold Mining Stocks With Bullish Options Sentiment