The Globe and Mail reports in its Thursday, July 30, edition that Canaccord Genuity is bullish on gold. The Globe's David Leeder writes in the Eye On Equities column that Canaccord expects gold to top $2,000 (U.S.) per ounce (all figures Canadian unless otherwise stated). Canaccord notes that gold is up 86 per cent from December, 2015, which is "below the average bull market gain of 111 per cent." Canaccord's long-term gold price is $2,015 (U.S.) per ounce, up from $1,926 (U.S.). Accordingly, analyst Carey MacRury, while maintaining his "buy" call on Kirkland Lake Gold ($67.14), boosted his share target to $75 from $70. Analysts on average target the shares at $69.96. Canaccord's bullish stance is based on four factors: continued accommodative fiscal and monetary policies for the foreseeable future; inflation expectations normalizing; slow growth and rising debt levels and supply remaining "challenged." At the same time, Canaccord raised its silver price assumption by 25 per cent with a new long-term price of $25.83 per ounce, up from $20.64. The Globe reported on March 20 that CIBC World Markets analyst Cosmos Chiu raised Kirkland Lake to "outperformer" from "neutral." The shares could then be had for $39.32.
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