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Gold and silver miners add $183 billion after August rally
Gold miners alone gained $138 billion in four weeks, as silver jumped toward $70 an ounce and precious metals equities stayed 19% below their end-February peak.
Mining.com reports that a strong August rally lifted the market value of the top gold, silver, and royalty companies by $183 billion, bringing the group back above a $2.5 trillion ranking level for the first time since February.
The outlet says gold prices began the month around $4,043 per ounce and rose to nearly $4,660 by 25 August, before a pullback tied to a hawkish Jackson Hole speech by Federal Reserve chair Kevin Warsh and fresh US strikes on Iran. Even after that retreat, bullion finished almost 10% higher for the month, with silver also outperforming, at one point up 20% in three weeks to $70 an ounce.
Mining.com adds that gold miners were the main driver, adding $138 billion in four weeks, with 12 of 13 names in the ranking ending higher. AngloGold Ashanti led on percentage gain with a 41.6% advance to nearly $17 billion after second-quarter profit rose 58% and its board approved a $2 billion buyback, while Newmont and Agnico Eagle accounted for the largest dollar gains.
The report also highlights that the copper market briefly disrupted the traditional top two spot among major mining firms, with Southern Copper riding record quarterly results and a copper price above $14,000 per tonne to reach an all-time high before copper’s late-month pullback restored the old order. Southern Copper closed August at $176.4 billion in market value.
Latest closeGold $4,431.70 ▲1.9%|Silver $65.91 ▲2.0%|Copper $6.606 ▲1.5%