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 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.