Gold is still essential, but critical metals shine bright during PDAC 2023 gold copper silver
- Gold exploration continues to attract the most capital within the mining sector; however, its dominance is beginning to weaken as investors focus on the growing demand for critical metals and industrial metals like copper.
Kevin Murphy, principal analyst for metals and mining research at S&P Global Commodity Insights, said that currently, gold exploration accounts for about $9 billion in all exploration spending, representing about 69% of global exploration spending. He added that gold's share of the global marketplace has dropped significantly in the last few years."Gold is still the focus in the mining sector," he told Kitco News."But maybe it should be less.
"Gold doesn't really help us live our 21st-century life," he said. "Critical metals demand is bringing investors -- new investors -- to the mining space." He explained that there is a generational shift building in the mining sector and investors just need to"follow the government subsidies." He explained that consumers are starting to realize that if they want electric cars or the latest smartphone, they need to support the mining.He added that he would expect some of that interest to filter down to precious metals.
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