$712 billion wiped off world’s biggest mining companies since start of Iran war

AI desk brief

World’s 50 most valuable mining stocks lost $226 billion in October and are down $712 billion, or 26%, from the February peak, as hotter US inflation, firmer oil on Middle East tensions and a tech-led risk-off move forced funds to sell metals-linked equities to cover losses elsewhere. The basket is now at its lowest level since November last year, with turnover also fading sharply, suggesting buyers stood aside rather than holders dumping aggressively.

Gold had its worst October since 2008, ending at $3,884/oz after a 6.6% monthly drop and a one-year low on the final trading day; silver fell 18.2% to $49.39/oz, back below $50 for the first time since October 2025. Platinum and palladium were also hit hard, while gold producers, silver miners and PGM names all sold off sharply, with some of the weakest performances among Coeur Mining, Fresnillo, Pan American Silver and Valterra Platinum. Copper equities underperformed the metal itself: copper was little changed at $6.47/lb, but miners still lost $69 billion as inventory builds, weaker sentiment and company-specific production/cost issues weighed on the sector.