Gold drops and gigafactory to be built in Quebec
During the last week of September, gold suffered its second largest monthly decline of 2023 with only February having a greater devaluation of gold futures, noted mining audiences manager Michael McCrae.
On Saturday McCrae recorded Kitco Roundtable.
The precious metal droped 5%, nearly $100. According to Kitco contributor Gary Wagner, the root cause the Federal Reserve including a major revision that was announced at last weekâ??s September FOMC meeting.
In mining news, battery metal investments led the headlines.
Swedish lithium-ion battery manufacturer Northvolt announced that it will establish a fully integrated lithium-ion battery gigafactory near Montreal, Quebec. Spend is $5 billion and the plant will employ up to 3,000 people.