$712 billion wiped off world’s biggest mining companies since start of Iran war
Gold's worst October since 2008 and a turn in copper sentiment drop world's 50 most valuable mining stocks near one-year lows after losing 26% since the February peak.
Since the beginning of the Iran war, the value of the world's ten largest mining companies has plummeted by an astounding $712 billion. Since October peaked, MINING.COM TOP 50 stocks have lost a staggering 26% of their value, a decline that dwarfs September's $264 billion loss. Two months have erased nearly half a trillion dollars, pushing the ranking to its lowest point since November last year.
The record $2.75 trillion set at the end of February has been reduced to $108 billion less than it was a year ago. Hot US inflation data and the conflict in the Middle East have fueled worries about another Federal Reserve rate hike, while rising oil prices have added to investors' concerns. Technology stocks took a hit in the final week of the month, leading funds to sell metals to cover their losses.
Gold's worst October since 2008 has seen the precious metal end the month at $3,884 an ounce, a 6.6% decline and the first time it has closed below the $4,000 threshold since September last year. Silver, meanwhile, has fallen 18.2% to $49.39, its lowest level since October 2025 and a steep 58% drop from its January high of $116.58.
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