The Globe and Mail reports in its Tuesday, June 28, edition that CIBC analyst say Brexit "represents a fundamental shift in how gold is looked upon as a safe haven asset, with both short-term and long-term implications to Europe and to the rest of the world." The Globe's David Leeder writes in the Eye On Equities column that CIBC increased its gold price assumptions for 2016 to $1,278 per ounce from $1,123 (all figures U.S.). Its silver assumption rose to $17.03 per ounce from $15.46. CIBC analysts say in a note, "A gold/silver rally should encourage investors to add stocks into the portfolio that offer more torque for leverage." CIBC upgraded Barrick Gold to "sector outperformer" from "sector performer." The share target moved to $25 from $16.50. Analysts on average target the shares at $16.77. The analysts add, "Given the various steps the company has undertaken to simplify its operating portfolio and improve its balance sheet, CIBC expects the market may become willing to afford a higher multiple to the shares -- although some investors are still likely to wait until the process of corporate governance rejuvenation unfolds."