2 stocks that could turn £10,000 into £20,000

Turning £10,000 into £20,000 is never easy. It takes time, judgment and discipline. However, it's possible to achieve this in even the toughest of markets, which is why 2017 could yet prove to be a prosperous year for Foolish investors. While Brexit, a slowing China and Donald Trump could cause uncertainty in the year ahead, these two stocks could return 100% over the medium term.

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A high quality gold stock

The gold price has fallen of late as investors have become increasingly bullish following the US election. However, the reality is that the world faces a difficult outlook. Although Trump's policies to tax less and spend more may stimulate economic growth, they're also likely to lead to higher rates of inflation. Therefore, owning gold miners such as Randgold Resources(LSE: RRS) could be a prudent move, since gold is viewed as the ultimate inflation hedge.

In addition, gold has defensive appeal for many investors. Given the risks posed by Brexit and a slowing China, this could increase investor demand for the precious metal. A higher gold price would clearly be good news for Randgold Resources and could mean that its profit guidance is increased.

Already it's forecast to record a rise in net profit of 50% this year and 32% next year. This puts the resources company on a price-to-earnings growth (PEG) ratio of only 0.5, which indicates that it could double in price and still offer good value for money. Alongside a sound strategy, low cost base and high quality asset base, Randgold Resources has a sound balance sheet with excellent cash flow likely to lead to a rapid rise in dividends over the medium term. This could widen its appeal yet further and push its shares up by over 100%.

A defensive growth opportunity

Since 2017 is likely to be an uncertain year for investors, defensive stocks such as Imperial Brands(LSE: IMB) could gain in popularity. Tobacco offers one of the most visible and resilient income streams in the index, which could lift the entire sector. However, it also has the potential to deliver bottom line growth too. Tobacco companies have extremely strong pricing power and so are able to pass on cost rises to consumers, while the opportunity for e-cigarette development remains high.

Imperial Brands trades on a price-to-earnings (P/E) ratio of 12.7. This indicates that its shares could benefit from a significant upward re-rating, since a number of other global consumer stocks have ratings in excess of 20 at the present time. In addition, the tobacco company has a yield of 5%, which will add to its total return over the medium term and also appeal to income-seekers who are likely to become increasingly concerned about higher rates of inflation.

The share price of Imperial Brands may have fallen by 12% in the last month, but this could be a stunning time to buy it. Gains of 100% may sound unrealistic, but they're on the cards over the medium term due to its low valuation and bright future.

But is this an even better buy?

Despite this, there's another stock that could be an even better buy. In fact it's been named as A Top Growth Share From The Motley Fool.

The company in question could make a real impact on your bottom line in 2017 and beyond. And in time, it could help you retire early, pay off your mortgage, or simply enjoy a more abundant lifestyle.

Click here to find out all about it - doing so is completely free and comes without any obligation.

Peter Stephens owns shares of Imperial Brands and Randgold Resources Ltd. The Motley Fool UK has recommended Imperial Brands. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.