The Globe and Mail reported that Canaccord Genuity has cut its outlook for both silver and gold prices, also downgrading and cutting price targets for many precious metals stocks, including Pan American Silver Corp. (TSX:PAA,NASDAQ:PAAS).

As quoted in the market news:

The Canaccord analysts, led by Rahul Paul, lowered their 12-month forecast for gold to $1,350 (U.S.) an ounce from $1,750, and for silver to $23 an ounce from $32.50. Their new forecasts assume gold and silver prices will stay at those new averages for 2014 through 2017.

But the action did not reflect a shift in their longer-term optimism about gold and silver prices; rather, they think a recovery in the commodity markets will take longer than they first forecast. They believe investors in equities are likely to make decisions based on prevailing gold prices over the coming year, not by how much higher bullion will rise over the long term.

Click here to read the full report from The Globe and Mail.