Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
According to GlobalData’s latest report, M&A deals in the U.S. metals and mining industry for the third quarter of 2020 totaled $1.59 billion. The valuation is a decrease of 13% from the previous quarter, and also marks a drop of 10.9% in comparison to the last four-quarter average of $1.79 billion.
Globally, third quarter metals and mining industry M&A deal values totalled $7.21 billion, of which U.S. deals comprised 22.1%.
The firm’s deals database shows that the U.S. industry saw 51 deals in the third quarter, which was an increase of 18.6% from the second quarter, and was up 34.2% over the last four-quarter average in the country. The top five U.S. M&A deals made up 98.2% of the overall value in the region’s third quarter, amounting to $1.57 billion of the $1.59 billion total.
According to GlobalData, those top five deals in the third quarter were: ArcelorMittal USA (NYSE: MT) and Cleveland-Cliffs’ (NYSE: CLF) $1.4 billion merger; the $90 million asset transaction with Newmont (TSX: NGT; NYSE: NEM) by Maverix Metals (TSX: MMX; NYSE: MMX); the $50 million acquisition of OsgoodMiningLLC by Premier Gold Mines (TSX: PG; US-OTC: PIRGF) and their subsidiary Premier Gold Mines USA; the $16.8 million asset transaction by Bullfrog Gold with Barrick Gold (TSX: ABX; NYSE: GOLD); and Altius Minerals’ (TSE: ALS) $8.38 million asset transaction with Liberty Metals & Mining Holdings.
