Gold’s roaring back after yesterday’s selloff – soaring more than $15.10 US, closing at $980.70 an ounce – amid fresh concerns over the U.S. dollar.

"We remain staunch bulls" on bullion, say analysts Jacques Wortman and Eldon Brown at GMP Securities. "There could be an attractive opportunity in small cap, near to early-stage gold producers."

GMP initiated coverage today on Colossus Minerals Inc. (CSI – TSX), Lake Shore Gold Corp. (LSG – TSX), Romarco Minerals Inc. (R – Venture) and San Gold Corp. (SGR – Venture) with buy recommendations and maintained its buy on International Tower Hill Mines Ltd. (ITH – Venture).

The analysts have a 12-month target of $4.25 on Colossus, which is trading at $3.11 today. They say its Serra Pelada project in northern Para state in Brazil is in a "relatively remote" location but the availability of infrastructure is "favourable." The mineralization is "high grade" and "the asset would be an attractive takeover target," GMP analysts reckon.

GMP sees International Tower Hill climbing to $5.25 over the next year, up from $3.45 today. The company’s Livengood project, northwest of Fairbanks, Alaska, "benefits from paved state highway access through the project and good access to water." The analysts say "a project of this size and scope is attractive to intermediate and senior gold producers, with the most likely group of potential suitors including AngloGold, Barrick, Newmont, Kinross, Goldcorp, Agnico Eagle, and perhaps Franco Nevada.”

Lake Shore Gold is trading at $2.37 today; GMP sees the stock hitting $3.45 within a year. It says the company, whose key Timmins project is 18 kilometres west-southwest of Timmins, Ont., has the "financial strength to complete all planned development activities in 2009 and 2010."

The analysts have a target price of $1.10 on Romarco, which is changing hands at 84 cents today. The company’s Haile project in South Carolina offers "all of the necessary infrastructure such as power, water and road access." The area has been plagued by job losses in textiles and "municipal and state governments are highly supportive of the re-start of the Haile mine and are offering financial support and assistance in securing the necessary permits."

Finally, GMP sees San Gold climbing to $3.40 within a year, up from $2.40 today. San Gold operates the Rice Lake mine in southeastern Manitoba, 150 kilometres northeast of Winnipeg. Last year, the company discovered a new, high-grade gold zone, named the Hinge Zone. GMP sees potential for this zone to exceed its own estimate for contained gold and extend mine life.

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