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Deutsche Bank lifts Barrick Gold to Buy, cuts Silver Standard to Sell

  • Deutsche Bank issuing ratings for several miners but upgrades only Barrick Gold (ABX +2.4%), to Buy from Hold with a $30 price target (from $20), taking on faith management's follow-through to respond to corporate governance concerns, cut costs, slim its portfolio and clear a path to free cash flow.
  • The firm downgrades Silver Standard (SSRI -2.3%) to Sell from Hold and cuts its price target to C$4.50 from C$7.50, citing what it sees as an inability to fund the Pitarrilla development without issuing equity.
  • Price targets are raised for Freeport McMoRan (FCX) and Teck Resources (TCK) (I, II), while they're lowered for Vale (VALE), Southern Copper (SCCO) and Coeur Mining (CDE) (I, II, III).
Comments (1)
  • TDWelander
    , contributor
    Comments (639) | Send Message
     
    Sounds realistic on ABX. A realistic report here for a change.
    Must be some sensible people at Deutsche Bank with reality checking credentials. Using the word faith here is a stretch. No doubt they were looking at some number trends; not relying on faith in this instance.

     

    No one appears to be factoring in the politics of the large traders in the gold markets and their attempts to sway or manipulate prices in the short run.

     

    With all the gold price volatility lately, you would think large trader transactions would be on the front page. The large gold traders must be spreading a lot of money around to keep their trades out of the public's eye.
    2 Oct 2013, 02:13 PM Reply Like
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