We updated our models of major gold companies to reflect our commodity price forecast changes from our September 26, 2011 report. The cumulative impact was most significant for AngloGold and least significant for GoldCorp as these are the highest and lowest cost gold companies, respectively, that we follow. We made no changes to our ratings or price targets as a result of these earnings reductions.

We also estimated that if gold were to fall to $1,000 per ounce that the gold companies would revert to their 2009 dividend levels. On the other hand if gold were to average $2,000 per ounce we estimate that all of the gold companies would increase their dividends. Most significantly, we estimate that Agnico-Eagle could increase their dividend to as much as $2.75 per share.