The Globe and Mail reports in its Thursday, Feb. 11, edition that the shares of Canadian gold producers have moved steadily upward. The Globe's Ian McGugan writes that gold miners listed in Toronto have gained an average of 23 per cent so far this year. The price of the metal itself has advanced about 12 per cent -- the best performance by far of any major commodity and gold's biggest rally to start a year since 1980. Jittery investors have turned to the metal as a haven against a slowing global economy and wobbly stock markets, but its rise has been buttressed by other forces as well. One of the most important has been the growing belief that the United States Federal Reserve will be slow to hike interest rates this year. Gold offers no yield, so it typically does best when rates are low and competition from other investments, such as bonds and savings accounts, is limited. Many analysts believe that global gold production will top out in 2016, with declining output in years to come. Canadian miners with domestic production have enjoyed a currency holiday. The plunging loonie has reduced their production costs in U.S. dollar terms. Goldman Sachs says gold has a defensive appeal.