Canadian Gold Miners to Come Back Strong in 2011

Source: Reuters, Claire Sibonney (2/14/11)

"Canadian gold mining stocks to shrug off pullback, glitter in 2011."

Canadian gold mining stocks should shrug off a recent pullback to glitter again in 2011, with economic uncertainty and central bank demand supporting the bullion price and helping drive earnings higher.

Analysts say risks should all help gold XAU= regain momentum. The precious metal hit a record high in 2010 but has fallen 4% year-to-date to below $1,360.

"We came into 2011 overbought. . .[but] on the downside, you have to take out $1,000 to eliminate the bullish trend," said Manulife Asset Management Senior Portfolio Manager Ted Whitehead.

Whitehead thinks the bullion price could reach a record $1,500/oz. if the U.S. Fed resorts to more quantitative easing to try to boost the economy.

The Toronto Stock Exchange's gold subsector SPTTGD, home to industry giants Barrick Gold and Goldcorp Inc. (TSX:G; NYSE:GG), rallied a stunning 26% in 2010, outpacing a 14.4% gain in the broader market.

But as signs of accelerating global growth surfaced, demand for safe-haven assets like gold eased, prompting investors to move to riskier, more cyclical assets like oil, base metals and financials.

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