The Globe and Mail reports in its Thursday, Sept. 24, edition that analysts at Citi remain bullish on gold in the short term and structurally over the medium-term. The Globe's David Leeder writes in the Eye On Equities column that in a research note titled "Going for GOLD and why the current bull cycle still has legs," Citi raised its 2021 base case gold price forecast by $300 per ounce to $2,275 and noted $2,400 to $2,500 per ounce is "in play over the next 8-12 months on a normal bull cycle return distribution. ... We believe investors will likely make a push toward record bullion prices in real terms over the next calendar year" (all figures U.S.). Analyst Alexander Hacking raised his forecast for a trio of large-cap gold stocks. With an unchanged "neutral" rating Mr. Hacking raised his share target for Barrick Gold to $30 from $27. Analysts on average target the shares at $33.33. With an unchanged "buy" rating Mr. Hacking maintained a $70 target for Newmont. Analysts on average target Newmont shares at $78.04. Mr. Hacking kept an $80 share target and "neutral" rating for Agnico Eagle Mines. Analysts on average target the shares at $87.75.
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