The Globe and Mail reports in its Friday, Aug. 14, edition that though North American gold miners have enjoyed record free cash flow, Citi analyst Alexander Hacking warns risks are "increasingly elevated." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hacking says in a note: "Gold equities had a strong sell-off earlier this week; a timely reminder that investing in miners at elevated metals prices comes with risk. Large-caps are currently discounting $1700 per ounce, in our view; spot but above long-term average. Citi's global commodity team remains bullish expecting gold to remain higher than $2000 per ounce into 2022. The Fed will be the ultimate arbiter, in our view; the eventual hint of higher rates may spark a major sell-off (all figures U.S.)." On Thursday, Mr. Hacking raised his share target for Agnico Eagle Mines and Pretium Resources, but maintained his targets for Newmont and Barrick Gold. With an unchanged "buy" rating, Mr. Hacking continues to target Newmont shares at $70, which is $7.34 below the consensus. With an unchanged "neutral" rating for Barrick Gold, Mr. Hacking reiterated his $27 share target. Analysts on average target Barrick shares at $32.18.