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« Richard Russell - The Dollar Will Crash In A Matter Of Months | Main | Gold, Silver And The Mining Sector: Prepare For A Severe Fall »
Tuesday
Apr222014

Goldman Sachs Upgrades Gold/Silver Stocks to Neutral; Barrick (ABX) Upped to Buy

Goldman Sachs is becoming more constructive on gold and silver equities and as a results is raising their coverage view to Neutral.

Analyst Andrew Quail said, "After underperforming the SPX by 21% since September 2013, gold and silver equities now appear more fairly valued, offering an average 7% total upside. We raise our coverage view to Neutral as we believe (1) more responsible capital allocation, (2) successful cost cutting initiatives, (3) a refocus on maximizing free cash flow, and (4) sound strategic portfolio optimization should improve the positioning of our companies offsetting our below-consensus outlook for commodity prices (we forecast $1,200/oz for gold from 2015 onwards)."

The firm is upgrading Barrick Gold Corp. (NYSE: ABX) to Buy, while initiating coverage on five others.

To read this post in full please click here.

The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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