Agnico Eagle Mines Ltd (AEM)

[Flippin Stocks]

$KL has been working on reducing expenses. A higher gold price could be the ticket for higher profits!

Goldman says gold price to hit $1,600 next year

Goldman analysts including Sabine Schels said in a note Friday. “We still see upside in gold as late cycle concerns and heightened political uncertainty will likely support investment demand” for bullion as a defensive asset.

Gold has fallen more than 6% from the peak to close at $1,460.17 in the spot market Friday.

While Goldman said the correction on bullion prices has further room to run, the bank is still sticking to its forecast prices will climb to $1,600 over the next year.