As the largest city and economic hub of Québec, Montreal has long had strong ties to the mining community of the state, whether that’s for better or for worse. Indeed, as the local government highlights, precious metal mining has been a feature of Québec’s economic makeup ever since it was settled by Europeans in the 1600s. This mining legacy remains today and, in the modern financial sectors of today, is coupled with the impact of precious metal investing. In many ways, Montreal owes a lot of its fortune, both historic and modern, to the demand for metals.
The modern day
Montreal has evolved from a local city to a regional hub of finance. As Global News highlights, the city has attracted over $3.8 billion in foreign investment over the past year or so – much within a burgeoning financial sector that seeks to rival Toronto. Underpinning this financial market is a thriving forex and metal trading scene that provides a little bit of stability in otherwise volatile conditions. The treasury-minted gold coin standard, the Canadian maple leaf, has seen particular interest as an asset and reserve of currency. Given the metal trading history of the area, this is perhaps a particularly apt market for the growing Montreal financial sector, and one that will see increased growth amidst market volatility and the challenge of cryptocurrencies.
Increasing demand
Geopolitical events always lean on stock and share prices, and that’s being seen in the most recent and pressing geopolitical event – the invasion of Ukraine. According to Business Insider, nickel prices have increased by up to 90% on fears of a Russian-oriented shortage. Nickel has become a key resource once again in North America, as it is key to the creation of batteries – including those used in electric vehicles, an important part of the technological modernisation policies being put forward by governments across the west. As it happens, Québec is a key producer of nickel outside of Russia, and one of the top five producers of the metal in the world.
Resurfacing gold
Expertise built in Québec is being exported across the other Canadian territories. The Guardian recently highlighted work being conducted in British Columbia in pursuit of new gold drilling, a collaborative partnership between the USA and Canada. Expertise is being provided from previous operations in Québec; the mining work that creates the history of the province, and has built up Montreal to the metropolitan global hub that it is today, is crucial in helping the rest of the country to establish new projects. Preserving and expanding Canada’s mining heritage is a key way to continue developing the economy.
The movement of investments towards precious metals, and to the expansion of the mining economy in general, will help Canada to recover from the impact of COVID-19. It will help to provide new resilience, and jobs for a wider range of skill sets and backgrounds. Canada has a lot to gain from metal mining – even in the 21st century.
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