CHART: Mining stocks enjoy a $206 billion fortnight
The world's 50 biggest miners are having a stonking August and have been running ahead of the Magnificent 7 all year. Before anyone opens anything, big tech is still worth ten times the entire ranking.
Mining stocks experienced a significant surge of $206 billion during the second week of August, marking a notable recovery from previous declines. This increase occurred as gold prices reached $4,500 an ounce, and silver prices attempted to surpass their January highs. At the beginning of August, the combined market capitalization of the top 50 mining companies rose from $2,169 billion to $2,375 billion, a 14% increase compared to February when they stood at $2,748 billion.
The surge was primarily driven by gold and silver companies, with gold alone contributing $108 billion to the total gain. Base metals, particularly copper and diversified names, added $246 billion in market capitalization for the year, a 24% gain. In contrast, gold and silver added only 2.6% to the sector's value. While gold stocks have rebounded strongly, some precious metals companies have underperformed, with eight out of eighteen precious metals names declining on the year.
Notable gains were seen in Glencore, South32, Southern Copper, Teck, Freeport, and KGHM, all benefiting from a strong copper price. Despite these gains, mining stocks are still 14% below their February levels, indicating a recovery phase rather than sustained growth.
Written by urgent.news from Mining.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
