Gold drops and gigafactory to be built in Quebec

Kitco NEWS Roundtable

English - September 30, 2023 17:07 - 2 minutes - 2.12 MB
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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 week’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.