CHANTAL GOSSELIN, Genuity Capital Markets
"The gold price has outperformed expectations since January, with an outstanding return of 14%. We believe that stellar returns experienced in the precious metals sector during 2005 attracted strong capital flows into either indices or equities from new investors and generalist funds seeking more exposure to precious metals.

Since the beginning of the year, the gold price has been extremely strong, hovering around US$555 per ounce, and has built a base in what historically is a weaker price period. Silver, as well, experienced a stellar year-to-date return of 32%, mainly on speculation of the listing of a silver ETF. Platinum and Palladium had the least change in forecast prices and continue to have strong fundamentals as expected. We have reviewed our gold, silver, platinum, and palladium prices for 2006, 2007, and long-term 2008 according to our bullish view." (April 6, 2006)



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