Globe and Mail de ce matin In a research report released Friday titled Time to Shine, National Bank Financial’s mining equity research team announced “2023 is the year to be overweight gold equities.”
“In the very near term, we may see some gold price volatility around key U.S. economic data point releases, but we are generally shifting to become more positive on the spot gold price outlook as we move through 2023 as we see the potential for the U.S. real rate to peak (if it has not already) and potentially decline, which should be good for gold. We also see a rising risk of a U.S. recession forming, which based on historical analysis has tended to drive the spot gold price to outperform. Inflationary pressures facing the mining industry are generally starting to show signs of improving, and thus we do not expect to see the same level of year-over-year cost pressures impacting 2023 as we saw with 2022 vs. 2021. Based on our coverage universe, profit margins are generally robust and financial leverage remains largely manageable.”