With the commodity sectors all getting crushed this year, many investors are either panicked and close to selling or already have. This is exactly the environment that savvy investors make money in. With the unprecedented worldwide printing of currency, and the distinct possibility of global growth and wages finally starting to rise, even the biggest gold bears concede that the worst may be over. A new report from Cowen points out that while costs have been volatile, the top producers have already repositioned themselves for the current low gold spot pricing.

While the current state of the sector is still in flux, the Cowen team stresses in the report that some of the top producers have positioned themselves well to generate free cash flow in 2015 at current gold prices. With some of the top producers keeping all-in costs under $1,000 per ounce, they can crank out profit, albeit less than the halcyon days, while waiting for prices to rebound.

Here are the top three gold stocks rated Outperform at Cowen.

Newmont Mining Corp. (NYSE: NEM) is the largest and maybe the strongest of the stocks to buy at Cowen. The company’s assets and operations are located in the United States, Australia, Peru, Indonesia, Ghana, Mexico and New Zealand. Newmont was founded in 1921, so investors really don’t have to worry if the company will be around in the future. Newmont has approximately $5 billion in cash, revolver capacity and marketable securities on its balance sheet and will continue to evaluate and optimize the best use of free cash flow, including investing in profitable projects, repaying debt and returning capital to shareholders. This is one of the top gold stocks to have in a portfolio.

Newmont investors are paid a tiny 0.5% dividend. The Cowen price target is set at $28.21. The Thomson/First Call consensus target is lower at $24.78. Shares closed Wednesday at $19.45.

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Royal Gold Inc. (NASDAQ: RGLD) is another top play that makes the Cowen list. The company is a precious metals royalty company engaged in the acquisition and management of precious metal royalties and similar interests. The company’s portfolio consists of 202 properties on six continents, including interests on 36 producing mines and 21 development stage projects. Last month, Royal Gold announced a 5% hike in its annual dividend to $0.88 per share from $0.84 per share. On a quarterly basis, the company will pay $0.22 per share. That is a very bullish corporate statement for shareholders in a tough environment.

Royal Gold investors are paid a 1.3% dividend. The Cowen price target is $76.50. The consensus price target is $67.12, but Royal closed Wednesday at $68.33.

Yamana Gold Inc. (NYSE: AUY) rounds out the top three stocks to buy at Cowen, and it is a smaller market cap contender for investors looking to add a higher share count. The company has been known to use extremely conservative assumptions in declaring its reserves, and as a result, it downgraded very few ounces last year. In fact, Yamana’s reserves were essentially flat year-over-year. Furthermore, the company’s resources, a category of in-ground gold that is less restrictive, grew meaningfully year-over-year.

Yamana investors are paid a 1.5% dividend. Cowen has a $6.85 price target and the consensus price target is in line at $6.77. Yamana closed at $4.17 a share.

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Gold has been a very painful trade, except for the people just considering to put it on. Like oil, despite the current naysayers and bears, there will ultimately be a rebound. Any company keeping costs per ounce under $1,000 looks well positioned for the future, even if the spot price isn’t as dramatic as earlier this century.

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