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This is The Next Big Rush, your daily drop of mining and energy investing news. Where we come together and play video games. 🎮

📝 Here are the highlights

👷‍♂️ Mining Momentum

💪 Gold Resilience

🐦 Uranium Power Trio

📌 Commodity Prices

👷‍♂️ Mining Momentum

The combined market value of the world’s 50 largest mining companies has reached $1.51 trillion at the end of Q3, 2024, marking a $76 billion increase from June. This ranks as the second highest in history, primarily driven by the surge in gold and royalty stocks (thanks, Franco), which added $42 billion during the quarter.

Gold miners have climbed the ranks, with Alamos Gold entering the top 50 for the first time after a 31% rise in value. However, the total valuation is still $240 billion below the peak in Q2, 2022.

Copper mining stocks saw a modest rise of $7.2 billion, while lithium miners struggled due to falling battery metal prices, leading to three lithium companies exiting the rankings.

Iron ore companies, including industry giants like BHP and Rio Tinto, continue to struggle, losing $24 billion in value this year despite a late boost from China's stimulus package.

Meanwhile, Uzbekistan's Navoi Mining is poised to join the rankings in 2025, thanks to its significant gold and uranium production. Can the Uzbeks ramp up?

💪 Gold Resilience

Gold prices remained steady today, rising 0.1% to $2,658.67 per ounce, as investors were cautious due to an underwhelming China stimulus plan.

Although China promised broad economic measures, they failed to excite markets, and investors await concrete steps. Geopolitical tensions, especially in the Middle East, continue to support gold as a safe-haven asset.

Investors are also looking for signals from U.S. Federal Reserve officials on possible interest rate cuts, with an 88% chance of a 25-basis-point reduction in November.

Meanwhile, silver, platinum, and palladium all saw slight declines.

📰 In Other News

🐦 Uranium Power Trio

Happy Speculating!

The Editor

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