Barlow’s Research Roundup: Price targets cut on gold stocks and Goldman Sachs’s tentative market outlook for 2027 - The Globe and Mail

AI desk brief

Scotiabank’s Tanya Jakusconek cut targets on six gold miners, including Agnico Eagle to US$253 from US$260 and Kinross to US$36 from US$39, citing company-specific changes and higher costs. Agnico expects 5–6% cost inflation in 2027 before efficiency offsets, with guidance unfinished and diesel the largest variable; these pressures affect mining equities without establishing a directional bullion effect. BofA’s Michael Hartnett describes a stronger dollar and gold below US$4,000 as evidence of retreating liquidity, retaining a risk-off stance until rate hikes end or financial conditions ease. Continued dollar strength could pressure bullion.