The Globe and Mail reports in its Tuesday, Nov. 25, edition that Raymond James analyst Phil Russo cut his outlook for precious metals prices, now expecting gold to average $1,200 (U.S.) an ounce next year and silver $17 (U.S.) an ounce. The Globe's Darcy Keith and Tim Shufelt write in the Eye On Equities column that Atac Resources (62 Canadian cents), AuRico Gold ($4.29 (Canadian)), First Majestic Silver ($5.56 (Canadian)), Pan American Silver ($11.41 (Canadian)) and Probe Mines ($2.44 (Canadian)) were downgraded to "market perform" from "outperform." His target for Atac Resources was cut in half to $1 (Canadian). Mr. Russo says: "Gold and silver prices have been increasingly volatile of late, principally (in our view) due to recent U.S. dollar strength. While undoubtedly there are a number of influencers on the metal price, we view headwinds that include a strengthening U.S. dollar, a looming fed rate hike, and the re-igniting of ETF outflows (mainly gold) as outweighing broader influencers such as Japanese quantitative easing and a weakening euro-zone recovery." Mr. Russo says: "Gold is unlikely to meaningfully break out of its current narrow trading range. ... We expect the same for silver."