The Globe and Mail reports in its Tuesday, Nov. 4, edition that National Bank Financial analyst Alex Terentiew maintains a bullish outlook for gold prices, citing ongoing political uncertainty, declining real rates, persistent inflation and central banks as net purchasers of precious metals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Terentiew views Canada as a "favourable" mining jurisdiction due to its political stability, established mining history, exploration incentives and transparent regulations, which many other global mining areas lack. Mr. Terentiew has reaffirmed his "tender" recommendation and $3.65 share target for Probe Gold. Analysts on average target the shares at $4.69. Mr. Terentiew says in a note: "Probe Gold Inc. announced on October 31 that it has entered into an agreement with Fresnillo PLC to be acquired in an all-cash offer. With unanimous board support and 12 per cent of shareholders entered into voting support agreements, we recommend shareholders tender their shares to the offer. Fresnillo's offer implies a 0.56 times P/NAV valuation, and we believe it is in line with valuations implied by other M&A transaction in the industry over the past few years."