From Jakusconek and Habib at Scotia last ThursdayCommodity Outlook – Higher Precious Metals Price Forecasts Support Positive Target Revisions OUR TAKE: Positive. With this note, we are making a number of estimate revisions along with some price target changes for our mid-tier precious metals' coverage universe following the application of an improved precious metals price outlook for 2024E, 2025E and a higher long-term silver price. Specifically, we have adopted higher gold and silver prices for this year and next year as outlined in more detail below, and we have moved our long-term silver price to $24.00/oz (from $23.00/oz previously) while our long-term gold price remains unchanged. The net impact of these revisions generally has a positive impact on our NAV estimates, which in turn leads to higher price targets for many of our coverage companies as detailed herein. Additional commentary and rationale for our revised precious metals price outlook can be found in our gold sector report and silver sector report from May 23, 2024. Our SO-rated names include: BTO, CGAU, DPM, EDV, GROY, IAU, KNT, MAG, NGD, OGC, OSK, PAAS, RUP, and SKE. With this note, we have also downgraded OLA and SILV from SO to SP.
T.IAU NAVPS to C$2.93 on 10% increase to price deck for gold to $2200.