Credit Suisse analyst Fahad Tariq expects gold prices to perform well in 2020. Despite some near-term optimism on equities and economic conditions, the analyst sees a "risk-off skew" in 2020 amid continued uncertainty on the U.S.-China trade war, Brexit, and fears of a global economic slowdown or recession. Tariq expects 2020 gold prices to average ~$1,540 per ounce, peaking in the first half of the year at $1,560 and then gradually falling to $1,525 by year-end. The analyst's top picks in Precious Metals for 2020 are Agnico Eagle (AEM), Newmont Goldcorp (NEM) and Endeavour Mining (EDVMF). Along with the sector outlook, Tariq upgraded Barrick Gold (GOLD) to Outperform from Neutral, downgraded Alamos Gold (AGI) and Centerra Gold (CAGDF) to Neutral from Outperform, and downgraded Eldorado Gold (EGO) to Underperform from Neutral.