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Mining stocks surge as gold tops $4,500 an ounce in New York
The MINING.COM TOP 50 added $206 billion of market value in seven sessions during August, with $108 billion coming from gold and silver-linked companies after bullion pushed above $4,500.
Mining stocks are posting a sharp August rally, lifting the combined market capitalization of the MINING.COM TOP 50 to $2,375 billion from $2,169 billion in seven sessions, according to Mining.com.
The outlet attributed much of the gain to precious metals, noting that gold and silver names contributed $108 billion of the $206 billion increase after bullion topped $4,500 an ounce in New York on Wednesday and silver tried to regain earlier highs.
Beyond gold, base metals helped broaden the move. Mining.com said copper and diversified miners added $246 billion in market cap for the year, a gain of 24%, while the gold, silver and royalty group added $18 billion, up 2.6%.
The rally is uneven across individual companies. Mining.com cited losses for several precious-metals names on the year, including Lundin Gold down 21.1%, Shandong Gold down 19.9%, and Northern Star down 14.1%, while it highlighted strength among copper-exposed peers such as Glencore up 40.9% and Freeport up 34.4%.
Latest closeGold $4,292.50 ▼0.6%|Silver $63.77 ▼0.9%|Copper $6.751 ▲1.1%