Scotia Capital Analysts at Scotia Capital raised their gold and silver price projections for both 2024 and 2025, leading to a series of target price and rating changes to stock across their coverage universe.
“We have adjusted upward our 2024 and 2025 gold price forecasts to 1) $2,200/oz for 2024 from $2,000/oz (10-per-cent increase) and 2) $2,200/oz from $1,950/oz (13-per-cent increase), reflecting SC Economics/Strategy forecasts for interest rates, inflation, USD expectations and incorporating the stronger than expected buying of gold from the official sector (290 tonnes in Q1/24 alone),” they said. “Our longer-term gold price (2026 onward) is maintained at $1,800/oz. We have also adjusted our silver price to $26/oz for 2024 and 2025, respectively, with this gold price change.”
For gold stocks, analyst Tanya Jakusconek reaffirmed her top picks in the sector. For operators, they are:
- Agnico Eagle Mines Ltd. ( “sector outperform”) with a US$81 target, up from US$71. The average target is US$77.19.