In the news-Stockwatch
Globe says Topping see Corvus riding the gold bull
2020-07-10 07:23 ET - In the News
The Globe and Mail reports in its Friday, July 10, edition that Industrial Alliance Securities analyst George Topping sees gold "massively surpassing its previous cycle top." The Globe's David Leeder writes in the Eye On Equities column that on Thursday, Mr. Topping raised his price forecast for gold, expecting it to breach that cycle peak sooner than anticipated. He sees gold trading at $1,750 in 2020, up from his previous forecast of $1,700 (all figures U.S. unless otherwise stated). For 2021 he is pegging the price at $1,950, up from $1,900. Mr. Topping says in a note: "Gold is the best way to protect purchasing power as central bankers print money to prop up their economies but devalue currencies relative to hard assets in the process. Given that gold prices are running ahead of schedule, we have increased our gold prices upfront, calling for bullion to go past its previous cycle top of $1,900 per ounce sooner rather than later and annualized prices to rise, conservatively, to $2,100 per ounce by 2022." Accordingly, Mr. Topping boosted his share target for Corvus Gold to $4.50 (Canadian) from $4 (Canadian), while maintaining his "speculative buy" call. Analysts on average target the shares at $4.72 (Canadian).