The Globe and Mail reports in its Wednesday, July 31, edition that Laurentian Bank Securities analysts Ryan Hanley and Barry Allan expect gold's rally to continue. The Globe's David Leeder writes that the analysts say in a note: "Gold continues to trade around a six-year high, having moved from $1,280/oz at the end of May to $1,420 (U.S.)/oz at the time of writing. We believe that this has largely been driven by global economic fears, including slowing global growth and more dovish comments by the U.S. Federal Reserve. Additionally, the ongoing trade war between the U.S. and China and concerns over Brexit have all combined to result in depressed bond yields on a global scale (including near-zero or negative sovereign debt throughout much of Europe as well as Japan), all of which are positive for gold" (all figures Canadian unless otherwise stated). Laurentian Bank increased its 2019, 2020 and long-term forecast for gold to $1,400 (U.S.) per ounce. It had previously estimated $1,250 (U.S.), $1,300 (U.S.) and $1,300 (U.S.), respectively. With those changes, Mr. Allan raised his share target for Jaguar Mining to 25 cents from 20 cents. Analysts on average target the shares at 22 cents. Allan continues to rate the shares "speculative buy."
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