Top 50 mining companies take $264 billion hit as gold trade unwinds, lithium stocks exit
Gold stocks falter, copper miners ignore a record price and only one lithium producer survives in the second-worst month in the ranking's history.
In September, the world's 50 most valuable mining stocks suffered a $264 billion hit, marking the second-largest monthly decline in the ranking's history. The decline was primarily driven by a 6.4% retreat in gold prices, which fell from $4,441 an ounce at the end of August to $4,158 at the end of September. This decline was exacerbated by the Federal Reserve's first rate hike since 2023, global bond selloffs, and a strengthening dollar.
Additionally, lithium stocks saw a significant drop of more than 20% in September, with only a small gain for 2026. Despite the overall decline, the gold miners that contributed $138 billion to August's gain lost $79 billion in September, resulting in a 12.7% fall across the sector.
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