Don Durrett of GoldStockData.com outlines current gold and silver market dynamics, explaining why the metals continue to rise and how high they could go in the future.
He also shares his current gold and silver stock strategy.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
It’s been yet another historic week for gold and silver, with both setting new price records.
The yellow metal broke through US$4,200 per ounce and then continued on past US$4,300. It rose as high as US$4,374.43 on Thursday (October 16), putting its year-to-date gain at about 67 percent.
Meanwhile, silver passed US$54 per ounce and is now up around 84 percent since 2025’s start.
Gold’s underlying price drivers are no secret — factors like central bank buying and waning trust in fiat currencies have been major themes in recent years, and they continue to provide support.
But it’s worth looking at a number of other elements currently in play.
Among them are a resurgence in the US-China trade war, which has ramped up geopolitical tensions, and the ongoing American government shutdown. The closure has stalled the release of key economic data ahead of the Federal Reserve’s next meeting later this month.
There have also been troubles at two regional banks in the US — they say they were the victims of fraud on loans to funds that invest in distressed commercial mortgages. Aside from that, Rich Checkan of Asset Strategies International sees western investors entering the market.
‘We don’t have a tidal wave or a tsunami by any stretch of the imagination, but the western investor is getting back into this,’ he said, noting that for the past few years his company has mostly been selling to high-net-worth individuals and people looking for deals. ‘Now we’re having flat-out sales.’
Checkan also weighed in on where gold is at in the current cycle, saying the indicators he tracks — including the gold-silver ratio, interest rates and the US dollar — don’t point to a top.
‘They can take a breather, there’s no question about that — you almost kind of want them to. But the reality is, there’s no top in sight,’ he said. ‘I’ve got about, I don’t know, seven, eight, nine different indicators I look at for the top in a bull market for gold. None of them are firing.’
When it comes to silver, the situation is a little more complicated.
Vince Lanci of Echobay Partners explained that the London silver market is facing a liquidity crisis — while there’s not a shortage of the metal, it isn’t in the right place, and that’s creating a squeeze.
Here’s what he said:
‘London, when it needs metal, is having a hard time getting it from Asia, because China is not cooperating with the west — for good reason in their mind. And for some reason, the US is not making its metal available as robustly as it used to, to help fill refill London’s coffers. And so that creates a short squeeze.
‘There’s enough metal in the world for current needs — let’s say for today’s needs. But it’s not where it should be. So it’s a dislocation.’
Lanci, who is also a professor at the University of Connecticut and publisher of the GoldFix newsletter on Substack, also made the point that although these circumstances are front and center now, they’re just one part of the larger ongoing bull market for silver. In his view, its growing status as a critical mineral will have major implications, and a triple-digit price is realistic.
As a final point, I was recently interviewed by Chris Marcus of Arcadia Economics.
It was fun being on the other side of the camera for a change, and I have a new appreciation for everyone who sits down to answer my questions. Check out the interview below.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Week 7 of the 2025 NFL schedule will serve up a good-looking lineup … insomuch as a lot of teams will look a little different.
Thursday night, the Pittsburgh Steelers will visit the Cincinnati Bengals, who will wear their white tiger uniforms − perhaps in a needed bid to change their luck given the Steelers have prevailed in 10 of their past 12 trips to Paycor Stadium.
The Browns, Chargers, Cowboys and Lions will also be wearing alternate uniforms this weekend, while the 49ers will sport the throwbacks made famous during the march to their last Super Bowl crown during the 1994 season.
No novel unis Sunday morning, when the Los Angeles Rams and Jacksonville Jaguars play this season’s final game in London − but don’t worry, the league will invade continental Europe two weeks from now.
Sunday afternoon will feature the first-place New England Patriots traveling to Nashville to visit head coach Mike Vrabel’s former team, the Tennessee Titans, who would probably like to have him back at this point. The Los Angeles Chargers will host the Indianapolis Colts in a meeting of other teams currently residing atop their respective divisions.
The Niners will welcome the Atlanta Falcons, back in prime time again, in a matchup of top-tier RBs Bijan Robinson and Christian McCaffrey on ‘Sunday Night Football.’ Monday will bring a true doubleheader, the Tampa Bay Buccaneers and Detroit Lions clashing in what could be the game of the week at 7 p.m. ET before the Houston Texans and Seattle Seahawks lock up on the West Coast in a 10 p.m. ET kickoff.
What outcomes should you expect? We can’t speak for you … but USA TODAY Sports’ panel of experts will share their outlooks with these prognostications:
(Odds provided by BetMGM)
From unconscious to unstoppable, the Toronto Blue Jays have pulled even with the Seattle Mariners in this American League Championship Series thanks to a cast of characters both unlikely and highly anticipated.
A No. 9 hitter suddenly flexing his muscles. A 41-year-old trying to wring the last few pitches out of his skill set before jetting off to the Hall of Fame.
And a resident superstar very much acting the part.
The Blue Jays called upon all of that, most notably a command performance from starting pitcher Max Scherzer, to crush the Seattle Mariners 8-2 in Game 4 Oct. 17 at T-Mobile Park in Seattle.
Notching his first postseason victory since Game 1 of the 2019 World Series, Scherzer wobbled early, steadied himself and then unleashed a classic Mad Max tirade when manager John Schneider dared visit the mound with two outs in the fifth inning.
Schneider, just four years Scherzer’s senior, wisely backed off, Scherzer finished the fifth – and even got two more outs in the sixth.
Hey, 5 ⅔ innings, non-Dodgers edition, is a lengthy outing in this day and age and Scherzer – left off the AL Division Series roster and starting his first game since Sept. 24 – certainly gave Toronto more than anticipated.
So did Andrés Giménez.
For the second consecutive night, he hit a two-run homer in the third inning, in a sense singlehandedly pulling Toronto back from the brink after it came to the Emerald City trailing 2-0 in this best-of-seven.
In Game 3, that meant a game-tying shot. In Game 4, it was a go-ahead two-run homer, maybe a section to the right of his dinger the night before, and it ignited a five-run uprising over two innings for the Blue Jays.
He added a two-run single in the eighth, a four-RBI night.
In between all that, Vladimir Guerrero Jr. ripped a solo homer, his second in as many nights and fifth of the postseason, to push the lead to 6-2 in the seventh.
Seattle, save for the vociferous Canadians who trekked down from British Columbia to root for the Blue Jays, was shell-shocked. This ALCS is now even.
And the Mariners will need their bats to wake up and right-handers Bryce Miller and Bryan Woo to be on point in Game 5 if they don’t want to go back to Toronto facing a 3-2 deficit.
Then again, the road team has won every game in this series. As Game 4 proved, there’s always more surprises lurking around the corner.
Here’s how Game 4 unfolded:
The Mariners and Blue Jays traded runs in the sixth and seventh and Toronto took a 6-2 lead into the top of the eighth. With runners on second and third and one out, Andres Gimenez hit a two-RBI single to extend the advantage to 8-2, giving him four RBIs in Game 4 after his two-run homer earlier.
Max Scherzer screamed at his manager. And then he turned his madness against his opponent, putting himself in line for his first postseason win since 2019.
Scherzer, visited by Blue Jays manager John Schneider with two outs in the fifth inning, vociferously lobbied to stay in the game. Schneider agreed, and then Scherzer struck out Randy Arozarena on a curveball well outside the strike zone to preserve the Blue Jays’ 5-1 lead in ALCS Game 4.
Scherzer, making his first start since Sept. 24, allowed just a second-inning homer to Josh Naylor and a pair of harmless singles, striking out four. Schneider even let him go out for the sixth, recording two outs before a walk prompted Schneider to lift him, for reals.
Reliever Mason Fluharty allowed that run to score on a Eugenio Suarez RBI single, trimming the lead to 5-2, but the game is on to the seventh, Toronto just nine outs from squaring the series.
At 41, Scherzer perhaps can’t go as deep in games as he used to. But he can still be Mad Max when he needs it.
The Toronto Blue Jays are getting contributions from all quarters – and drifting toward tying up this ALCS.
Isiah Kiner-Falefa, given a start at second base, has two hits in his first two at-bats and scored on George Springer’s RBI double as the Blue Jays tacked on two more runs in the fourth to take a 5-1 lead.
Toronto has sapped the energy from the Mariners and T-Mobile Park, as it chased Luis Castillo, dinged up lefty reliever Gabe Speier and then scored a fifth run when Matt Brash bounced a wild pitch off Cal Raleigh’s shin guard, scoring George Springer.
The No. 9 hitter is now public enemy No. 1 in Seattle.
Andrés Giménez, who hit no home runs in his final 76 at-bats of the season, clubbed his second two-run home run in as many nights, as the Blue Jays scored three third-inning runs to take a 3-1 lead over the Mariners in Game 4 of the ALCS.
The home run circumstances were eerily similar.
Game 3, third inning, Mariners leading 2-0: Giménez rips a game-tying two-run home run.
Game 4, third inning, Mariners leading 1-0: Giménez tags a hanging slider from Luis Castillo 364 feet – perhaps a section or two over from his Game 3 shot – for a 2-1 lead.
The homer invigorated the throng of Blue Jays fans in Seattle and stunned Mariners fans worried their club may be staring at a 2-2 ALCS after Game 4.
After one-out singles by Nathan Lukes and Vladimir Guerrero Jr. and a walk to Alejandro Kirk, Castillo was lifted after recording just seven outs. Reliever Gabe Speier walked Daulton Varsho to score another run, but escaped the inning without further damage.
An invigorated Seattle Mariners lineup against a rusty Max Scherzer has already yielded an expected result.
Josh Naylor ripped Scherzer’s second pitch of the second inning over the center field wall to give the Mariners a 1-0 lead in Game 4 of the ALCS.
Scherzer has not started since Sept. 24 and was not on the ALDS roster. The rust showed in the first inning, when he yanked pitches all over the zone and walked a pair, escaping on Jorge Polanco’s double-play grounder.
Yet Naylor jumped him quickly in the second, and Seattle scored first for the third consecutive game.
Toronto outfielder Anthony Santander’s season is over after being replaced on the ALCS roster by Joey Loperfido due to injury. MLB rules dictate that mid-series roster changes result in the player missing the next round of the playoffs.
Santander, signed to a $92.5 million free agent deal last winter, was limited to 54 regular-season games and had appeared in five of Toronto’s seven postseason games.
Joe Flacco’s most impressive feat may have come via his feet.
The 40-year-old passer took a sip from the Fountain of Youth during the Cincinnati Bengals’ 33-31 win over the Pittsburgh Steelers on ‘Thursday Night Football.’ Flacco completed 31 of 47 passes for 342 yards and three touchdowns in the victory.
But it was a scamper that caught the attention of viewers and fans alike: On a read option, Flacco took a snap for 12 yards. On the ‘Thursday Night Football’ postgame show, Flacco detailed the play.
‘So there was a handful of plays today that I was like, ‘What is he saying?’ There were formations that ended in F and I was not getting it,’ Flacco said regarding his confusion with the offense.
‘That one (play), I read off my wristband, it was correct. Ja’Marr (Chase) lined up on the ball, Noah (Fant) lined up off, he (Ja’Marr) was supposed to be off the ball. He was supposed to counter motion and bluff that end. And when he was on the ball and the play clock was running down, I was like, ‘Ah, screw it.’
‘I was just gonna hand it off (to Chase Brown), but he (the defender) came off the edge so damn quick, I was like, ‘all right, I haven’t done this since my, probably, first or second year, but I’ll do it now.”
The result? A 12-yard run that left everyone stunned.
‘It felt good, it felt good, I can’t lie,’ Flacco said.
To that end, the Bengals offense must have felt good. It was a complete offensive effort that resulted in a win and a little bit of history for their passer: Flacco now sits in 15th place all-time in career passing yards, in the same game in which Aaron Rodgers moved up to fifth place.
As far as rushing yards go? Well, let’s just say Flacco has a lot more rushing attempts to go to make a dent in the record book.
In their zeal to create compelling studio television, Derek Jeter and Alex Rodriguez rankled their former boss.
Brian Cashman, the New York Yankees’ longtime general manager and vice president, fired back at criticism of his regime and the handling of manager Aaron Boone in an appearance on an area radio station.
After the Yankees were eliminated in Game 4 of their American League Division Series by the Toronto Blue Jays, Jeter and A-Rod fired some shots from their Fox Sports postgame show perch.
Rodriguez called these Yankees “one of the worst constructions of a roster I’ve ever seen,” after the club won 94 games, defeated Boston in the AL wild card series and succumbed to the Blue Jays, who also won 94 games and claimed the division title on a tiebreaker.
Jeter, while claiming he had no “inside knowledge,” repeated the well-worn claim that Boone merely parrots front office strategy and that in-game maneuvers are scripted by his superiors.
“I’m pretty sure Aaron’s not the one that’s calling every move that they make throughout the game,” Jeter said on air.
Cashman appeared on WFAN, the Yankees’ flagship station, to push back against the two baseball legends who once patrolled the left side of his infield. He intimated that he called Jeter to discuss the criticism.
“Clearly, they don’t know,” Cashman said. “I know DJ said that, I don’t know what he meant by it, he did say he doesn’t have inside knowledge when he said it, but he did say it, for whatever reason. And I think that’s the bugaboo that people get to throw out there when they got nothing else to throw.”
Cashman bemoaned the notion of “analytics, analytics, analytics” and that “none of that is accurate,” though the perception has existed ever since Boone replaced Joe Girardi – who was fresh off a trip to the 2017 ALCS – as Yankee manager before the 2018 season.
Jeter retired as Yankees shortstop after the 2014 season and went on to take an ownership stake and president position with the Miami Marlins before they parted ways in 2022 after five years. He intimated before his Hall of Fame induction that year that he looked forward to being a more regular presence around Yankee Stadium, even if that didn’t involve an official role.
Rodriguez, who Cashman signed to a $275 million extension when A-Rod opted out of an earlier deal in 2008, was ensnared in performance-enhancing drug scandals for two of his last six seasons as a Yankee.
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Yet while some things will be forever, a 41-year-old with a surgically repaired back and a balky thumb that may portend arm trouble and thinning hair beneath his Toronto Blue Jays cap – fifth team in five years – suggests something else.
That it might be wise to take a look around, to cherish the moment, to appreciate the opportunity before the man never again throws another competitive pitch.
Then again, Mad Max could never.
The mound-stalking, snarling, three-time Cy Young Award winner has been largely missing the past four years, disappeared due to injury and a general lack of dominance and changes of addresses that, combined with performance, might gently suggest that his voice ought not be the loudest in the room.
Yet Scherzer’s Toronto era took a massive turn Oct. 17, two outs, fifth inning, Game 4, John Schneider heading out to the mound and, even though they’ve been co-workers since January, about to really meet Scherzer for the first time.
There were death stares and cuss words and raised voices – OK, all of that from Scherzer – and bemused infielders watching a future Hall of Famer take on his purest form.
“I thought he was going to kill me,” says Schneider. “It was great.”
Yeah, it takes a certain kind of masochist to manage a major league team, and a certain touch to realize that, even as most playoff starts nowadays are expired by the fourth inning, and that Scherzer’s Seattle Mariners counterpart, Luis Castillo, was hooked in the third inning, that performance – and pedigree – earns some slack.
“I’ve been waiting for that all year, for Max to yell at me on the mound,” Schneider told reporters in Seattle. “I think at that point there’s numbers, there’s projections, there’s strategy, and there’s people.
“So I was trusting people.”
And Scherzer rewarded him, striking out Randy Arozarena with a nasty curveball to strand a runner, and preserve Toronto’s four-run lead in an eventual 8-2 victory.
This ALCS is now tied, 2-2, just 48 hours after the Blue Jays stared at a 2-0 deficit and the notion that the next time the lads would toss the ball around together might come in Dunedin, not Toronto.
Yet suddenly, the Blue Jays are outflanking the Mariners in the most important ways. Their starters are pitching deeper into games, exposing Seattle’s bullpen further. They amassed 29 hits in two games in Seattle, with Game 5 in front of their Western Canada supporters to come.
It’s what one expects from the No. 1 seed in these AL playoffs. It’s just that Scherzer wasn’t expected to be a key part of it.
He hadn’t pitched since Sept. 24, the Blue Jays excluding him from the ALDS roster because a four- or five-inning starter who doesn’t miss a ton of bats simply had no role in that format.
And to be brutally honest, Scherzer’s last four postseason starts dating to 2022 produced an 0-2 record, 8.79 ERA and a 1.67 WHIP.
In his last October run, he pitched three shutout innings in Game 3 of the 2023 World Series, then abruptly exited while warming up in the fourth, back tightness ending his postseason. The Texas Rangers went on to win the World Series; Scherzer headed for offseason back surgery.
This year, myriad aches and pains – including that vexing thumb condition – limited Scherzer to 17 starts. Game 4, though, was different: Scherzer took a minute to find his rhythm in issuing two first-inning walks, got a key double-play ball, gave up a Josh Naylor second-inning home run and then was cruising.
He was snapping his curveball, and catcher Alejandro Kirk kept pressing for it. He picked off a runner. He outlasted Castillo.
It was within all that context that Schneider strolled to the mound and stared up at the toughest dude to lift from the game.
Good luck, Schneids.
“And then all of a sudden I saw Schneids coming out, and I kind of went, ‘Woah, woah, woah,” says Scherzer in a postgame news conference. “Like, I’m not coming out of this ballgame. I feel too good.
“So we had a little conversation that basically I wanted to stay in the game but just with some other words involved. I just knew I was strong, I knew I wanted the ball, I knew I could get outs in this situation.
“I just wanted to stay in. I wanted it.”
He got it. And got Arozarena, and stalked to the dugout, leading to another Schneider-Scherzer confab –away from cameras – that Schneider described as “another fun conversation, in the tunnel.”
So Scherzer got the sixth, too, and took down two more outs before leaving to a roar from the Blue Jays fans on hand.
With two more wins, the Blue Jays will reach the World Series for the first time since 1993. That would likely ensure another Scherzer start, probably against his former Los Angeles Dodgers club.
Yet there are no guarantees, not in this game, certainly not for those north of 40. So when Schneider lifted Scherzer, he tucked the ball in his back pocket.
“I just put it in my pocket and brought it in the dugout,” says Schneider. “Pretty cool for Max to have. He’s got a lot of stuff on his mantle, but I don’t know if he wanted it.”
Perhaps someday, but maybe not now. The sentimental glances around the stadium, the mementoes, the curtain calls are at least for now, still for another day.
On this one, Mad Max was back.
For a long time, most of the world’s lithium was produced by an oligopoly of US-listed producers. However, the sector has transformed significantly in recent years.
Interested investors should cast a wider net to look at global companies — in particular those listed in Australia and China, as companies in both countries have become major players in the industry.
While Australia has long been a top-producing country when it comes to lithium, China has risen quickly to become not only the top lithium processor and refiner, but also a major miner of the commodity. In fact, China was the third largest lithium-producing country in 2024 in terms of mine production, behind Australia and Chile.
Chinese companies are mining in other countries as well, including top producer Australia, where a few are part of major lithium joint ventures. For example, Australia’s largest lithium mine, Greenbushes, is owned and operated by Talison Lithium, which is 51 percent controlled by Tianqi Lithium Energy Australia, a joint venture between China’s Tianqi Lithium (SZSE:002466,HKEX:9696) and Australia’s IGO (ASX:IGO,OTC Pink:IPDGF). The remaining 49 percent stake in Talison is owned by Albemarle (NYSE:ALB). Joint ventures can offer investors different ways to get exposure to mines and jurisdictions.
Mergers and acquisitions are common in the lithium space, with the biggest news in the industry recently being Rio Tinto’s (ASX:RIO,NYSE:RIO,LSE:RIO) acquisition of Arcadium Lithium for US$6.7 billion in March of this year. The acquisition transforms Rio Tinto into a global leader in lithium production with one of the world’s largest lithium resource bases.
As for Chile, the country’s lithium landscape is changing following the December 2024 announcement that, as a part of its National Lithium Strategy toward public-private partnerships, the government opened up the process of assigning special lithium operation contracts to a total of 12 priority areas.
All in all, lithium investors have a lot to keep an eye on as the space continues to shift. Read on for an overview of the current top lithium-producing firms by market cap. Data was current as of October 1, 2025.
Market cap: US$112.17 billion
Share price: AU$122.58
Rio Tinto, a global powerhouse in the resource sector for decades, is mostly known for its iron and copper production. However, in recent years, the mining giant has been expanding its position in the world’s lithium market.
In March 2025, the company cemented its position as one of the biggest lithium-producing companies in the world with the US$6.7 billion all-cash acquisition of Arcadium Lithium, the lithium giant formed after the US$10.6 billion merger of lithium majors Allkem and Livent.
Rio Tinto is consolidating Arcadium’s assets with its own under a new unit called Rio Tinto Lithium, adding brine operations at Salar del Hombre Muerto and Olaroz in Argentina, as well as the Mount Cattlin hard-rock mine in Australia, which entered care and maintenance in March of this year. Arcadium also brings lithium hydroxide capacity in the US, Japan and China.
At the time, Rio Tinto said the acquisition will increase its lithium carbonate equivalent production capacity to over 200,000 metric tons (MT) annually by 2028.
The move follows Rio Tinto’s 2022 acquisition of Argentina’s Rincon project, where a 3,000 MT per year pilot battery-grade carbonate plant entered production in November 2024. Construction for the 60,000 MT expanded plant begins in Q4 2025, with first production expected in 2028.
In May 2025, Rio Tinto strengthened its South American lithium portfolio through a joint venture deal with Chile’s state miner Codelco to develop the high-grade Salar de Maricunga lithium project in Chile’s Atacama Region.
The deal gives Rio Tinto a 49.99 percent stake in exchange for up to US$900 million in staged investments, including US$350 million for studies and development, US$500 million toward construction, and an additional US$50 million if production begins by 2030.
In another deal focused on the Atacama Region, in July Rio Tinto penned a binding agreement with state-owned Empresa Nacional de Minería (ENAMI) to form a joint venture for the Salares Altoandinos lithium project. Under the deal, Rio Tinto will take a 51 percent stake and invest up to US$425 million in cash and technology contributions, including its direct lithium extraction (DLE) technology.
Market cap: US$14.79 billion
Share price: US$5.47
Founded in 2000 and listed in 2010, Ganfeng Lithium has operations across the entire electric vehicle battery supply chain. Even though it is relatively new compared to some companies on the list, Ganfeng has become one of the world’s largest producers of both lithium metals and lithium hydroxide. This is due to its strategy of investing heavily in overseas projects to secure long-term lithium resources, with its first such investment in 2014.
Ganfeng Lithium holds a global lithium portfolio including operations in Argentina, Australia, China, Mexico and Mali.
In Argentina, the company has a 51 percent stake in the Caucharí-Olaroz lithium brine operation with Lithium Argentina (TSX:LAR,NYSE:LAR). Additionally, Ganfeng brought its US$790 million Mariana project in Argentina into production in February of this year. The Mariana mine is situated on the Llullaillaco salt flat, and has the capacity to produce 20,000 MT of lithium chloride per year. The company also owns LitheA, which controls two lithium salt lakes in Argentina’s Salta province.
Ganfeng executed a 67/33 joint venture with Lithium Argentina in August 2025 that will consolidate Ganfeng’s Pozuelos-Pastos Grandes project with Lithium Argentina’s Pastos Grandes and Sal de la Puna projects. The merged operation, representing US$1.8 billion in existing investments, aims to produce up to 150,000 MT per year of lithium carbonate equivalent through a three phase development approach that will employ DLE and solar evaporation.
In Mali, Ganfeng operates the Goulamina lithium mine, which entered production in December 2024. Goulamina has a mine capacity of 506,000 MT of spodumene per year, and Ganfeng’s goal is to double that capacity to 1 million MT per year. The Malian government holds a 35 percent stake in Goulamina and Ganfeng holds the remaining 65 percent after purchasing joint venture partner Leo Lithium’s (ASX:LLL,OTC Pink:LLLAF) interest.
Ganfeng has a controlling interest in Mexico-focused Bacanora Lithium and its Sonora lithium project, as well as a 49 percent stake in a salt lake project in China owned by China Minmetals. It also holds a non-operating 50 percent interest in the Mount Marion mine in Western Australia through its 50/50 joint venture with Mineral Resources.
On the sales side, Ganfeng has supply deals with companies such as Tesla (NASDAQ:TSLA), BMW (OTC Pink:BMWYY,ETR:BMW), Korean battery maker LG Chem (KRX:051910), Volkswagen (OTC Pink:VLKAF,FWB:VOW) and Hyundai (KRX:005380).
Market cap: US$12.05 billion
Share price: US$44.20
SQM has five business areas, ranging from lithium to potassium to specialty plant nutrition. Its primary lithium operations are in Chile, where it is a longtime producer, and it is now also producing lithium in Australia.
In Chile, SQM sources brine from the Salar de Atacama; it then processes lithium chloride from the brine into lithium carbonate and hydroxide at its Salar del Carmen lithium plants located near Antofagasta.
Chile’s aforementioned National Lithium Strategy has created some uncertainty for SQM, but the government has stated that it will respect its current contracts, which run through 2030.
In May 2024, state-owned Codelco and SQM formed a joint venture in which Codelco will hold a 50 percent stake plus one share to give it majority control. As of 2031, the state will begin receiving 85 percent of the operating margin of the new production from SQM’s operations.
Outside South America, SQM operates the Mount Holland lithium mine and concentrator in Australia through Covalent Lithium, a 50/50 joint venture with Wesfarmers (ASX:WES,OTC Pink:WFAFF). In July 2025, Covalent Lithium produced its first battery-grade lithium hydroxide at its Kwinana refinery, and expects to reach nameplate capacity of 50,000 metric tons per year by the end of 2026.
SQM has a long-term supply deal with Hyundai (KRX:005380) and Kia (KRX:000270) to provide lithium hydroxide for electric vehicle batteries from its future lithium hydroxide supply. SQM also has supply agreements with Ford Motor Company (NYSE:F) and LG Energy (KRX:373220).
Market cap: US$10.8 billion
Share price: 47.57 Chinese yuan
Tianqi Lithium, a subsidiary of Chengdu Tianqi Industry Group, is the world’s largest hard-rock lithium producer. The company has assets in Australia, Chile and China. It holds a significant stake in SQM.
In Australia, Tianqi holds a 51 percent stake of the Tianqi Lithium Energy Australia joint venture with IGO. The joint venture has a 51 percent interest in the Greenbushes mine and wholly owns the Kwinana lithium hydroxide plant.
The world’s largest hard rock lithium mine, Greenbushes entered production in 1985 and now has spodumene concentrate production capacity of 1.5 million MT per year. The joint venture updated the total mineral resources at Greenbushes in February to 440 million MT at an average grade of 1.5 percent lithium oxide, and its total ore reserve estimate to 172 million MT grading 1.9 percent lithium oxide.
The Kwinana lithium hydroxide plant processes lithium spodumene feedstock from Greenbushes. The refinery has struggled to reach its nameplate capacity of 24,000 MT due to technical issues, high costs and more.
Construction work for the Phase 2 expansion at Kwinana, which would have doubled its capacity, was terminated in January 2025 due to the current low-price environment for lithium making it economically unviable.
As of late August, the partners are in discussions about a path forward for the refinery, and Tianqi signaled it is open to renegotiating partner IGO’s 49 percent stake.
Earlier in the year, Tianqi Lithium announced collaborations with a number of academic research institutions including the Institute for Advanced Materials and Technology of the University of Science and Technology Beijing on the research and development of next-generation solid-state battery materials and technology.
Market cap: US$10.5 billion
Share price: US$85.42
North Carolina-based Albemarle is dividing into two primary business units, one of which — the Albemarle Energy Storage unit — is focused wholly on the lithium-ion battery and energy transition markets. It includes the firm’s lithium carbonate, hydroxide and metal production.
Albemarle has a broad portfolio of lithium mines and facilities, with extraction in Chile, Australia and the US, as well as lithium carbonate and hydroxide facilities in China and Taiwan.
Looking first at Chile, Albemarle produces lithium carbonate at its La Negra lithium conversion plants, which process brine from the Salar de Atacama, the country’s largest salt flat. Albemarle is aiming to implement direct lithium extraction technology at the salt flat to reduce water usage.
Albemarle’s Australian assets includes the MARBL joint venture with Mineral Resources (ASX:MIN,OTC Pink:MALRF). The 50/50 JV owns and operates the Wodgina hard-rock lithium mine in Western Australia. Albemarle wholly owns the on-site Kemerton lithium hydroxide facility. The company’s other Australian joint venture is the aforementioned Greenbushes mine, in which it holds a 49 percent interest alongside Tianqi and IGO.
As for the US, Albemarle owns the Silver Peak lithium brine operations in Nevada’s Clayton Valley, which is currently the country’s only source of lithium production. In its home state of North Carolina, Albemarle is planning to bring its past-producing Kings Mountain lithium mine back online, subject to permitting approval and a final investment decision. The mine is expected to produce around 420,000 MT of lithium-bearing spodumene concentrate annually.
Albemarle has received US$150 million in funding from the US government to support the building of a commercial-scale lithium concentrator facility on site. The US Department of Defense has given the company a US$90 million critical materials award to boost its domestic lithium production and support the country’s burgeoning EV battery supply chain.
Market cap: US$5.36 billion
Share price: AU$2.36
PLS, formerly named Pilbara Minerals, operates its 100 percent owned Pilgangoora lithium-tantalum asset in Western Australia. The operation entered commercial production in 2019 and consists of two processing plants: the Pilgan plant, located on the northern side of the Pilgangoora area, which produces a spodumene concentrate and a tantalite concentrate; and the Ngungaju plant, located to the south, which produces a spodumene concentrate.
PLS has recently completed a few critical expansion projects at Pilgangoora. Its P680 expansion, for a primary rejection facility and a crushing and ore-sorting facility, was completed in August 2024. The P1000 expansion, targeting a spodumene production increase at the site to 1 million MT per year, was completed in January 2025 ahead of schedule and within budget. The company says the ramp-up to full capacity is expected to be completed in the third quarter of 2025.
PLS and its joint venture partner Calix are developing a midstream demonstration plant at Pilgangoora using Calix’s electric kiln technology to reduce the carbon footprint of spodumene processing, decreasing transport volumes and improving value-add processing at the mine. After garnering a AU$15 million grant from the Western Australian Government, construction of the project is expected to be completed in the fourth quarter of 2025.
The company made a move to expand its footprint in Brazil in August 2024 with the acquisition of Latin Resources (ASX:LRS,OTC Pink:LRSRF) and its Salinas lithium project. The project’s resource estimate, which covers the Colina and Fog’s Block deposits, stands at 77.7 million MT at 1.24 percent lithium oxide. The AU$560 million deal was approved by the Western Australia Government in January 2025.
PLS and joint venture partner POSCO (NYSE:PKX) launched South Korea’s first lithium hydroxide processing plant in late 2024, which will be supplied with spodumene from Pilgangoora. PLS also has offtake agreements with companies such as Ganfeng, Chengxin Lithium Group and Yibin Tianyi Lithium Industry.
In May 2025, PLS powered up a new lithium battery energy storage system at its Pilgangoora operation, completing Stage 1 of its power strategy. The system is designed to boost power stability and reliability while reducing intensity of emissions related to power at the site.
Market cap: US$5.33 billion
Share price: AU$39.58
Australia-based Mineral Resources (MinRes) is a commodities company that mines lithium and iron ore in the country.
Two of MinRes’ lithium mines are joint ventures with other companies on this list. MinRes’s Wodgina mine in Western Australia is operated by the 50/50 MARBL joint venture with Albemarle. MinRes also owns 50 percent of the Mount Marion lithium operation through a joint venture with Ganfeng Lithium.
Production of lithium concentrate began at Mount Marion in 2017, and all mining is managed by MinRes, which also has a 51 percent share of the output from the spodumene concentrator at the site. MinRes completed the expansion of Mount Marion’s spodumene processing plant in 2023. Currently, the plant has an annual production capacity of 600,000 MT spodumene concentrate equivalent.
In August 2024, in light of lithium’s low price environment, MinRes decided to lower production at Mount Marion and Wodgina for the fiscal 2025 year, focusing on improving performance and reducing stripping ratios. Production at Mount Marion ultimately decreased by 21 percent to 514,000 dry MT of spodumene concentrate in its FY2025. On the other hand, it increased by 18 percent to 502,000 dry MT at Wodgina.
MinRes acquired the Bald Hill lithium mine, which is also located in Western Australia, in 2023. The company released an updated mineral resource estimate in November 2024 of 58.1 MT at 0.94 percent lithium oxide, up 168 percent from the prior June 2018 estimate.
In the same news release, MinRes announced that it would have to place the mine on care and maintenance until global lithium prices improve. The final shipment of Bald Hill spodumene concentrate was made in December 2024.
Aside from the world’s top lithium producers profiled above, a number of other large lithium companies are producing this key electric vehicle raw material, including:
Lithium is a soft, silver-white metal used in pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. It’s also used in lithium-ion batteries, which power everything from cell phones to laptops to electric vehicles.
Lithium is the 33rd most abundant element in nature. According to the US Geological Survey, due to continuing exploration, identified lithium resources have increased to about 115 million metric tons worldwide. Global lithium reserves stand at 30 million MT, with production reaching 240,000 MT in 2024.
Lithium is found in hard-rock deposits, evaporated brines and clay deposits. The largest hard-rock mine is Greenbushes in Australia, and most lithium brine output comes from salars in Chile and Argentina.
There are various types of lithium products, and many different applications for the mineral. After lithium is extracted from a deposit, it is often processed into lithium carbonate, lithium hydroxide or lithium metal. Battery-grade lithium carbonate and lithium hydroxide can be used to make cathode material for lithium-ion batteries.
The latest data from the US Geological Survey shows that the world’s top lithium-producing countries are Australia, Chile and China, with production reaching 88,000 metric tons, 49,000 metric tons and 41,000 metric tons, respectively.
Global lithium production reached 240,000 metric tons of lithium in 2024, up from 204,000 MT in 2023, according to the US Geological Survey. About 87 percent of the lithium produced currently goes toward battery production, but other industries also consume the metal. For example, 5 percent is used in ceramics and glass, while 2 percent goes to lubricating greases.
The world’s largest lithium-producing mine is Talison Lithium and Albemarle’s Greenbushes hard-rock mine in Australia, which produced 1.38 million metric tons of spodumene concentrate in its fiscal year 2024. The top-producing lithium brine operation was SQM’s Salar de Atacama operations in Chile, with 2024 production of 201,000 metric tons of lithium carbonate equivalent.
The top lithium-importing country is China by a long shot, and second place South Korea is another significant importer. China is also the top country for lithium processing, and both are home to many companies producing lithium-ion batteries.
The different types of lithium deposits come with their own challenges.
For example, mining pegmatite lithium from hard-rock ore is known for being expensive, while extracting lithium from brines requires vast amounts of water and processing times that can sometimes be as long as 12 months. Lithium mining also comes with the difficulties associated with mining other minerals, such as long exploration and permitting periods.
Both major forms of lithium mining can have negative effects on the environment. When it comes to hard-rock lithium mining, there have been incidents of chemicals leaking into the water supply and damaging the local ecosystems; in addition, these operations tend to have a large environmental footprint.
As mentioned, lithium brine extraction requires a lot of water for the evaporation process, but it’s hard to understand the scope without numbers. It’s estimated that approximately 2.2 million liters of water are required to produce 1 metric ton of lithium, and that can sometimes mean diverting water from communities that are experiencing drought conditions. This form of lithium extraction also affects the condition of the soil and air.
Although future demand for lithium is expected to keep rising due to its role in green energy, the metal shouldn’t run out any time soon, as companies are continuing to discover new lithium reserves and are developing more advanced extraction technologies. Additionally, there are companies working on technology to recycle battery metals, which will eventually allow lithium from lithium-ion batteries to re-enter the supply chain.
Researchers have been working on developing and testing a variety of lithium alternatives for batteries. Some of these options include hydrogen batteries, liquid batteries that could be pumped into vehicles, batteries that replace lithium with sodium or magnesium and even batteries powered by sea water. While nothing looks ready to replace lithium-ion batteries right now, there is potential for more efficient or more environmentally friendly options to grow in popularity in the future.
Investors are starting to pay attention to the green energy transition and the raw materials that will enable it.
When it comes to choosing a stock to invest in, understanding lithium supply and demand dynamics is key, as there are unique factors to watch for in lithium stocks. The main demand driver for lithium is what happens in the electric vehicle industry, which is expected to keep growing, and also the energy storage space. Analysts remain optimistic about the future of lithium, with many predicting the market will be tight for some time.
Investors interested in lithium stocks could consider companies listed on US, Canadian and Australian stock exchanges. They can also check out our guide on what to look for in lithium stocks today.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
The gold price continued to rise in Q3, breaking through key milestones to set new all-time highs.
Much like the first half of the year, the yellow metal was supported by ongoing factors like central bank buying, geopolitical tensions and uncertainty caused by US trade and tariff policies.
And it wasn’t just the price of gold that soared — higher margins and a more positive outlook for the sector helped drive increases in gold stocks. Read on for a look at gold’s Q3 activity and the outlook for Q4.
Gold has gained nearly US$1,400 since starting the year at US$2,658 per ounce on January 2.
By the beginning of Q3, gold had climbed to US$3,338.86, and it remained rangebound at that level for most of July and August. However, it climbed above the US$3,400 mark on July 22 and then again on August 6.
Gold price, July 9 to October 10, 2025.
The price started to gain traction at the end of August, after US Federal Reserve Chair Jerome Powell signaled a change in policy during his remarks at the Jackson Hole Economic Policy Symposium. By September 2, the gold price had broken through US$3,500 for the first time, and by September 8 it had climbed above US$3,600.
As the month wore on, gold continued its unprecedented climb. It broke through US$3,700 on September 22, US$3,800 on September 29 and reached its quarterly high of US$3,858.41 on September 30.
The price continued on its upward trajectory as the fourth quarter began, rising above US$3,900 on October 6, and finally setting a new record high of US$4,040.42 on October 8.
Although there was a dip in central bank gold purchases in July, with just 10 metric tons added to reserves, the World Gold Council (WGC) reported that the buying trend that has developed over the past few years remains firm.
In August, central banks once again increased their gold acquisitions, purchasing a total of 19 metric tons. Overall, central banks bought 415 metric tons of gold in H1, bringing the 2025 total to 444 metric tons as of the end of August.
Although it appeared to pause its gold buying in August, the National Bank of Poland has been the top purchaser of gold in 2025, adding 67 metric tons. It has vowed to have 20 to 30 percent of its international reserves in gold.
The WGC notes that seven central banks boosted their reserves in August. Kazakhstan was the leading buyer, adding 8 metric tons to its holdings and bringing its year-to-date increase to 32 metric tons. Turkey, Bulgaria, China, Uzbekistan, Ghana, Indonesia and the Czech Republic each added 2 metric tons. Russia was the only seller in August, divesting itself of 3 metric tons of gold; the WGC suggests its reduction was owed to its coin-minting program.
It wasn’t just central banks buying gold. Western investors helped drive record exchange-traded fund (ETF) inflows of US$26 billion for the third quarter, with North American markets accounting for US$16.1 billion.
Total assets under management surged to US$472 billion, a 23 percent increase over the second quarter, with holdings rising to 3,838 metric tons, just shy of the 3,929 metric tons recorded in November 2020.
Mind Money CEO Julia Khandoshko suggested that geopolitics is a driving force behind gold’s record-breaking run, noting that tensions are high as the world becomes increasingly divided into “risk” and “stability” zones.
While geopolitics may be a primary factor, it’s far from the only one.
The third quarter saw declining yield curves, a weakening US dollar and a 25 basis point interest rate cut from the Fed in September, all of which added tailwinds to the gold price. Looking forward, the expectation is that the Fed will make further rate cuts before the end of the year, which could further fuel a rising gold price.
‘The history of the last hundred years shows that gold grows confidently at low rates. Combine this with stubborn inflation, and we can say with confidence that it will create more space for gold’s price rise,” Khandoshko stated.
Additionally, there is an expectation that a weaker US dollar will help to keep the price of gold elevated. So far this year, the US Dollar Index has declined 8 percent.
“The US dollar is a critical component to what happens to gold, because gold is denominated in US dollars, so the weaker the US dollar, the stronger the commodity price. What we’re expecting to see over the next 12 to 24 months is continued devaluation of the US dollar, which means gold should continue to be stronger going forward,” he said.
Among the recent drags on the dollar is fear of a prolonged shutdown of the US federal government after lawmakers failed to reach an agreement to continue funding government agencies and employees.
In the aftermath of the shutdown, the US Dollar Index posted its worst week since July. In an October 3 Reuters article, Thierry Wizman, monetary strategist with Macquarie, suggests that a prolonged shutdown could have a significant impact on trust in the federal government and further impact the strength of the greenback.
Hodaly sees the factors behind gold’s price rise remaining in place for the foreseeable future.
“We are expecting this could go much higher, at least 10 to 20 percent higher in the near term,’ he said.
‘Nothing has changed with the demand outlook for gold and the projected weakness of the US dollar, and that’s what’s going to drive the commodity price higher,’ added the executive.
Gold equities are also expected to benefit as the rising price boosts their margins and share prices.
Leading producers such as Agnico Eagle Mines (TSX:AEM,NYSE:AEM), Newmont (NYSE:NEM,ASX:NEM) and Barrick Mining (TSX:ABX,NYSE:B) have seen their share prices rise by over 100 percent in 2025.
The junior space has also been impacted, with PPX Mining (TSXV:PPX,OTC Pink:SNNGF) posting a year-to-date gain of 642 percent as of October 1, and San Lorenzo Gold (TSXV:SLG,OTC Pink:SNLGF) increasing 629 percent.
With gold now trading above US$4,000, the sector could attract renewed interest and offer new opportunities for investors. Those seeking to include gold or gold stocks in their portfolios might consider options ranging from the relative safety of ETFs and established producers to riskier assets at the development or exploration stages.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Questcorp Mining Inc. (CSE: QQQ,OTC:QQCMF) (OTCQB: QQCMF) (FSE: D910) (the ‘Company’ or ‘Questcorp’) is pleased to further update investors on its maiden drilling program at the La Union gold and silver project in Sonora, Mexico, which continues on track and on budget. The program is now two-thirds complete with initial and second holes now completed at four of the five main targets. This update follows the company’s Aug. 6, 2025, announcement marking the start of the program and Aug. 19, Sept. 10 and Sept. 24 news releases chronicling the progress of the program.
Saf Dhillon, President and Chief Executive Officer, states: ‘The drilling had started of a little slower and then was paused for unusually heavy rains. The initial plan was to drill 4 to 6 holes but, the Riverside team and their subcontracted drillers have been making substantial progress and we’re now at 7 completed holes with plans for another 2 to 5. In total, four of the five target zones have been drill tested with at least one hole.’
Two holes have now probed the Union mine target beneath historic workings, cutting through the Clemente and Caborca formations – both key host units for past mining at Union, encountering the distinctive microconglomeratic carbonate unit that historically hosted mineralization at the bottom of the Union mine.
Two holes have been completed at Famosa, testing the dip and strike extension of the mineralization in the historic workings as well as the foot wall and hanging wall of a steeply west-dipping major structural feature. Riverside select grab sampling from the Famosa dump retuned gold grade highlights of 59.4 g/t gold along with 833 g/t silver.
Two holes tested the North Union target and one tested the El Cobre target again probing beneath the historic workings for chimney and manto mineralization.
Additional holes are planned for all four of these targets, with one hole also planned for the El Creston Target.
Figure 1. Drill progress to 2025-Oct-09. Geologic map with the tenure of the Union internal concession shown in pink. Manto and chimney type CRD targets are shown as red polygons. Riverside now controls all mineral tenures on this map.
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https://images.newsfilecorp.com/files/10197/270509_719d25609410fb43_001full.jpg
Questcorp cautions investors grab sample by their very nature are select samples and may not be indicative of mineralization on the property.
Initial drilling is also planned for newly generated targets to the west of the known mineralization trend. The target is feeder zones along pre-mineral fault structures.
Once this initial campaign is completed, follow-up work will integrate assay results, ongoing surface programs, additional induced polarization (IP) surveys, and refined geological interpretations based on stratigraphy and structure observed in drilling.
Figure 2. Cross section looking west with conceptual drill targets and schematic drillhole traces. Assays from Riverside’s sampling of rock dump materials from the two mine areas are labeled in black. Red areas are interpreted as manto and chimney target bodies that are now well defined and drill ready. Assays shown on figures 1 and 2 have been previously released and disclosed as summarized below the geochemical QA/QC and in published NI 43-101 Report that Questcorp published 2025 on Sedar+.
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Qualified Person & QA/QC:
The technical content of this news release has been reviewed and approved by R. Tim Henneberry’, P.Geo (BC) a Director of the Company and a Qualified Person under National Instrument 43-101.
Rock samples from previous exploration programs discussed above at the Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standards were randomly inserted into the sample stream prior to being sent to the laboratory.
About Questcorp Mining Inc.
Questcorp Mining is engaged in the business of the acquisition and exploration of mineral properties in North America, with the objective of locating and developing economic precious and base metals properties of merit. The company holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 1,168.09 hectares comprising the North Island copper property, on Vancouver Island, B.C., subject to a royalty obligation. The company also holds an option to acquire an undivided 100-per-cent interest in and to mineral claims totalling 2,520.2 hectares comprising the La Union project located in Sonora, Mexico, subject to a royalty obligation.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO
Questcorp Mining Inc.
saf@questcorpmining.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street
Vancouver, British Columbia
V6C 2V6.
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding completion of survey work at the North Island Copper project. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270509
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