TM Editors' note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.

This might be controversial, but I've got to say I'm not a huge fan of the yellow metal when it comes to investment.

The physical stuff is heavy, and it can be mighty tough to keep that kind of investment safe from the wrong kind of gold "fans."

More importantly, I think there are cheaper inflation hedges and faster profits to be had.

But that's a conversation for a different day - or my Money Morning LIVE chat.

What I'm about today is an extremely cheap gold stock - going for well under $1.50 - and a dirt-cheap trade that could double even if gold moves only slightly.

Here's what you need to know...

Move On This Sub-$1.50 Gold Stock Immediately

Like I said, I'm not a big buyer, but when the market's right, I'll buy and trade gold all day, every day.

Right now, we're seeing some action in physical gold; a series of pops and falls, with shorter, weaker pullbacks and increasingly stronger, higher pops. You can see that in this very short-term chart of the SPDR Gold Shares ETF (NYSEArca: GLD).

At the moment, the marquee cryptocurrencies are all seeing selling, so that's added some renewed "shine" to the gold and hedge trade once more.

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This points to a move higher in gold in the near term.

If you want to buy the physical metal, or even an ETF like GLD, that's cool. You do you; I'm not going to try and talk you out of it.

But me, I prefer gold stocks, and New Gold Inc. (NYSE: NGD) is the one I like best right now. It's a very, very small metal miner operating in the rich fields of British Columbia and based in Toronto. It's primarily a gold and silver miner, though it does a brisk business in copper, an increasingly important (and expensive) industrial metal.

The company has two very productive mines there in Western Canada, which helped it produce 253,000 ounces of gold in 2019.

NGD is just like the penny stocks I'm waiting to reveal during my live "Penny Rockets" event later today. These are stocks I've been trading all year, with my own money, that have handed in 215% in eight days, 280% in 11 days, and more. An invite to my event is on its way to your inbox right now.

This stock is trading below $1.40 right now, but I'm expecting an immediate move, sharply to the upside, as gold continues to attract the buyers crypto is losing right now.

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Buy NGD right away, up to $1.50. Once you're in the stock, target a fast move to $1.70, or about 22% higher than today's prices.

When New Gold stock hits $1.70, institute a 10% trailing stop. This could be a bumpy, volatile ride, and a 10% trailing stop will help protect your principle and your profits.

Once you're in the stock, take a look at some of the NGD options trading right now. Specifically, I'm looking at the February expiries. If you're looking to reap some more returns from this small but powerful gold play, buy to open NGD Feb. 18, 2022 $0.55 calls. The "kicker" to this penny-stock play should cost you less than $60 altogether, not including fees.