JP Morgan's Gold & Precious Metals Summary

JP Morgan has published a research report on Gold & Precious metals regarding the new commodity price estimates for 2011. In the report, JP Morgan writes "• In this note we are updating our gold company earnings for JPM's latest metal price adjustments. We have increased our gold price estimates for 2010 to $1,221/oz from $1,197/oz. Silver price estimates for 2010 are raised to $18.75/oz from $18.40/oz. Long term prices for Gold and Silver are also increased to $1,150/oz ($950/oz) and $17.50/oz ($13/oz), respectively. For more details please refer to our metal strategist, Michael Jansen's note “Metals Review and Outlook: Demand for Hard Assets adds to Positive EM Driven Demand” published on 07 Oct 2010. We are also establishing Dec 2011 target prices for the companies under our coverage. Because we've only modestly raised our prices for target price calculations some of the target prices are little changed. The biggest boost has generally been delivered to the silver sensitive equities." Companies related to this report include: Agnico-Eagle Mines

$71.40 Neutral Barrick Gold

$47.68 Overweight Compania de Minas Buenaventura

$47.68 Neutral Coeur d'Alene

$19.50 Neutral Goldcorp Inc

$43.68 Overweight Hecla Mining

$6.41 Neutral Jaguar Mining Inc.

$6.86 Neutral Kinross Gold

$18.94 Overweight Newmont Mining

$63.03 Overweight Pan American Silver

$29.20 Underweight Silver Wheaton

$26.04 Overweight Stillwater Mining

$15.80 Overweight