The Financial Post reports in its Friday edition that CIBC analysts are bullish on gold stocks, seeing better gains ahead than actual gold. The Globe's David Berman writes that CIBC analysts say the simplest bet is to buy an exchange traded fund, such as the iShares S&P/TSX Global Gold Index ETF, which provides broad exposure to the sector. CIBC analysts, however, have carved out their top picks in the sector, based on the quality of assets and the prospect of strong free cash flow. Among large producers, they like Barrick Gold, Agnico Eagle Mines, Kirkland Lake Gold and B2Gold. Among intermediate producers, they like Pan American Silver Corp., Endeavour Mining Corp. and Alamos Gold. Among small-cap stocks, they prefer Teranga Gold and Osisko Mining. Among gold royalty companies, they pick Franco-Nevada and Wheaton Precious Metals. The CIBC analysts say, "While all of these equities posted significant share price gains, on average 50 per cent year-to-date, we believe there is still substantial room to move higher on the back of company specific catalysts, improving free cash flow yields and an increased focus on return of capital to shareholders, which in turn will attract renewed interest to the space."