The Globe and Mail reports in its Friday, Oct. 11, edition that analysts at National Bank believe the expectations for the declining interest rates support a bullish outlook for precious metals. The Globe's David Leeder writes that National Bank analysts say in a note: "With real rates declining throughout the year, continued heightened geopolitical risk and central banks remaining net purchasers of gold, we have seen gold/silver prices respond positively. ... We remain bullish on the precious metals outlook going into year-end on the same basis. ... Our analysis results in a new LT (long-term) gold price of $2,200 (U.S.)/oz (prev. $1,700 (U.S.)/oz), while we have increased our LT silver price to $27 (U.S.) oz (prev. $21 (U.S.)/oz) to keep our gold/silver ratio unchanged at 81 timed, in line with long-term averages. Our LT prices now begin in 2030 (prev. 2029). We also apply 3 per cent per annum of inflation to our medium-term cost forecasts (2025-2030) for opex and capex which is aligned with the average inflation the sector has realized over the past decade." National Bank analysts continue to rate Kinross Gold "outperform." They boosted their share target to $19 from $17. Analysts on average target the shares at $15.60.