Citi has issued upgrades on a large swathe of mid-tier gold stocks after revising its gold price forecasts upwards

Livewire Equities

Citi has issued upgrades on a large swathe of mid-tier gold stocks after revising its gold price forecasts upwards. The broker upgraded Perseus Mining, Beadell Resources and St Barbara from Sell to Neutral, whilst upgrading Resolute Mining from Sell to Buy. The upgraded gold price forecasts, with a 3-year average price of US$1,335 per ounce has increased projected earnings for the companies, prompting the upgrades.

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