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Gold bars sit stacked in this arranged photograph at Solar Capital Gold Zrt. in Budapest, Hungary, on March 10, 2016.Bloomberg

Globe editors have posted this research report with permission of Dundee Capital Markets. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

Companies under coverage are scheduled to begin reporting Q1 operating and financial results during the week of April 25.

In Q1 2016, we forecast gold producers under coverage would report a 9 per cent decline in equity production quarter-over-quarter, affected by sequencing and seasonality across almost all intermediate and senior producers. Total cash costs are expected to decrease by 1 per cent quarter-over-quarter.

Despite these changes, earnings and sector free cash flow are both forecast to increase, supported by gold's 8 per cent increase to $1,181 per oz. in Q1.

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