Precious metals rallied sharply in August on a shift in Fed rate cut expectations following softer U.S. data, albeit moderating in recent days, with gold up 9.3%, silver up 14.8%, and copper up 1.1%.
Mining equities delivered outsized leverage, with the GDX up 33.0%, GDXJ up 34.1%, SIL up 32.7%, and COPX up 17.7%, vs. the TSX up 3.0% and the S&P 500 up 2.8%.
M&A activity displayed signs of acceleration on stronger metal prices, headlined by OceanaGold's A$776M acquisition of Ausgold Limited and Bunker Hill Mining's merger with Silver47 Exploration.
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