BUZZ-Canadian gold, silver producers: Raymond James cuts target, rating

Mon Nov 24, 2014 2:03pm EST
 
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** Canadian gold and silver producers' shares down 1.5-7 pct after Raymond James cuts price targets on at least 18 companies

** Brokerage also cuts ratings on at least six companies, citing "current volatility and near-term headwinds for the metals (gold and silver)"

** Analysts say weak prices "will push many companies to the brink economically"

** First Majestic Silver Corp down 7 pct at C$5.46, Pan American Silver Corp down 4.4 pct at C$11.28, Alacer Gold Corp down 4.3 pct at C$2.21, Agnico Eagle Mines Ltd down 2.3 pct at C$29.29

** Gold edged down on Monday as the dollar steadied, but prices remained near a three-week high after a surprise rate cut in China raised hopes that demand for bullion in the top consumer would increase

** Spot gold fell 0.2 percent to $1,199.40 an ounce by 1522 GMT; U.S. gold futures were unchanged at $1,198.70 an ounce