Gold and silver prices fell 5.4 per cent and 14.1 per cent in the third quarter, presenting a challenge for precious metals miners, CIBC Capital Markets said in a report on Oct. 15. “We expect softer production and higher costs for many,” Anita Soni, an analyst at CIBC said. It cut its price forecasts for the two metals, but also offered up its top picks for investors who want exposure to the sector but are risk averse. Among those names are Agnico Eagle Mines Ltd. (AEM:TSX). Its price target was cut to $339 from $298. Shares closed Friday at $267.50. Newmont Corp.’s (NEM:NYSE) price target was cut to US$154 from US$170. Shares closed Friday at US$118.60. Other names on the risk-averse roster included Wheaton Precious Metals Corp. (WPM:TSX), Pan American Silver Corp. (PAAS:TSX), Franco-Nevada Corp. (FNV:TSX) and Snowline Gold Corp. (SGD:TSX). CIBC analysts said they favour Kinross Gold Corp. (K:TSX), IAMGOLD Corp. (IMG:TSX), B2Gold Corp. (BTO:TSX), Alamos Gold Inc. (AGI:TSX), Orezone Gold Corp. (ORE:TSX) and Discovery Mining Ltd. (DSV:TSX) for those looking for more leverage. Other gold names not in the top picks list that saw their price targets increase were Allied Gold Corp. (AAUC), going to $40 from $39, and Aya Gold & Silver Inc. (AYA:TSX), rising to $55 from $48. Shares closed Friday at $29.65 and $37.64, respectively.