Scotia Capital Citing interest rates, inflation, U.S. dollar expectations and incorporating the stronger than expected buying of gold from the official sector, precious metals analysts at Scotia Capital raised 2024/2025 gold price forecast by 5 per cent to US$2,300 per ounce and her long-term assumption by 6 per cent to $1,900 per ounce on Monday.
The firm also raised her forecast for silver by 4 per cent in 2024 and 2025 to US$27 per ounce and 6 per cent over the long term to US$25 per ounce.
Those changes led to adjustments to analysts’ net asset value and target price adjustments as well as group of rating changes.
Analyst Tanya Jakusconek made these changes:
Agnico Eagle Mines Ltd. to US$94 from US$81. Average: US$83.21.
“Our top picks are AEM, KGC, GOLD, NEM in the operators and WPM and TFPM in the streamers, with the operators preferred to the streamers,” she said.