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Monday, August 9, 2010

Jefferies & Co. Reaffirms Barrick (NYSE:ABX) Price Target on Gold and Silver

Jefferies & Co. said today they recommend investors to add to their positions in Barrick Gold (NYSE:ABX), as they said they don't see gold and silver prices dropping anytime soon.

The price target on gold remains $1,300, while the silver prices target continues at $20 an ounce.

Jefferies said in a note to clients, "We highlight metal company participation at next week's Industrials and Aerospace & Defense Conference as we reaffirm our 2010 gold price target of $1,300 and silver price target of $20 per ounce. As the dollar-based commodities reassert traditional relative dynamics versus the US dollar, we expect prices and metal equities to trade higher heading into the fall. We would continue to add to positions in our recommended names - ABX, AEM, CDE, HL and NEM."

Barrick traded down slightly today, falling to $43.31, a loss of $0.08, or 0.18 percent as of 3:36 PM EDT.

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