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After teetering on support for nearly a year, gold looks to be on the move, jumping almost $100.00, from $1580.00 per ounce to $1670.00 per ounce, in just under 30 days. The commodity has also broken above its 200-day simple moving average (SMA), something it hasn't done since January.

Not surprisingly, many gold related stocks have turned sharply upward as well; Primero Mining Corp. (PPP), New Gold, Inc. (NGD), Royal Gold, Inc. (RGLD), Agnico-Eagle Mines Ltd. (AEM), Yamana Gold, Inc. (AUY), Central GoldTrust (GTU), and Allied Nevada Gold Corp. (ANV) are a few.

Value in the gold industry, though harder to find as the days pass, does still exist. Below are three undervalued gold stocks with over 50% upside that should see a significant climb if gold continues its movement upward.

Kingold Jewelry, Inc. (KGJI), a gold designer and manufacturer, appears significantly undervalued with a 0.54 price to book (P/B) ratio and a 0.09 price to sales (P/S) ratio while still producing strong returns, 19.11% return on assets (ROA) and 23.44% return on equity (ROE). The $77.82 million market cap company has continued to increase its annual net income, from $8.66 million in 2009 to $18.16 million in 2010 to $26.19 million in 2011 and has historically shown a jump in net income in the third quarter.

Kingold Jewelry, Inc. broke above resistance at the $1.40 price level at the beginning of the year and has since used this price as support. The stock is currently trading just above this level, potentially offering a good entry point. Assuming a bounce off of strong support at $1.40, Kingold Jewelry, Inc. may, once again, reach toward the $2.80 price level, as it did in May this year. This equates to a 91.78% potential upside from the stock's current price.

AngloGold Ashanti Ltd. (AU), a South African gold mining company, has consistently increased its annual net income, from -$825 million in 2009 to $112 million in 2010 to its most recent $1.43 billion in 2011. Fundamentally, the company appears strong with 29.83% ROE, 11.56% ROA, and a 31.97% operating margin.

Current analyst opinion stands at zero sell, zero underperform, three hold, two buy, and zero strong buy recommendations with a $52.27 average price target. This equates to a 55.66% upside, from the stock's current price to analyst estimates.

AngloGold Ashanti Ltd. is also trading just above what appears to be strong support at the $32.00 price level, a level it has not traded below for more than a week since Q1 2009.

Harmony Gold Mining Co. Ltd. (HMY), also a South African gold mining company, shows value with a 1.04 P/B ratio, 2.27 P/S ratio, 6.32% ROE, and 2.34% ROA. Current analyst opinion stands at zero sell, zero underperform, one hold, two buy, and zero strong buy recommendations with a $14.90 average price target. This equates to a 53.61% upside from the stock's current price to analyst estimates.

The stock is also trading just above, what appears to be strong support at the $9.00 price level. Harmony Gold Mining Co. Ltd. has not traded below this price for more than a week since Q4 2008 and is likely to stay above this price level, as it has done historically.

Source: 3 Gold Stocks With Over 50% Upside