September to Remember: Gold, Silver & What to Watch

As August began, we tried to warn you that the month ahead would not bring the usual "dog days" and doldrums. That turned out to be an accurate forecast as precious metal and mining share prices soared through the month. But August is drawing to a close, and a new month is set to begin. What will we need to watch in September and into the final stages of 2026? Let's discuss.

But let's not move forward too fast. The month of August was a great one, and it caught many analysts, technicians, and Xperts by surprise. Many...but not us. Below are three links and relevant paragraphs from each.

• https://www.sprottmoney.com/blog/the-end-near-peak-hawkishness-gold-silver-2026

• https://www.sprottmoney.com/blog/no-dog-days-2026-august-precious-metals-market-outlook

The third link regards the biggest news of the month: the announcement of the first steps toward Yield Curve Control in the United States. We've been writing for years that Yield Curve Control is inevitable and would be the single most bullish development possible for gold and silver. This post from last week discussed the plans and ramifications, and if you missed it, here's the link:

• https://www.sprottmoney.com/blog/yield-curve-control

Gold And Silver Prices In August

And so, the precious metals and mining shares soared off their lows in August. No dog days, indeed! It appeared that the lows of June and July would be the base of the pullback before a better second half of the year. That certainly appears to be the case as August ends. For the month of August:

• Spot gold closed July at $4045. As of Monday morning, August 31, I have a last of $4430. That's a gain of $425 or 10.5% for the month, and price is now UP $105 or 2.4% on the year.
• Spot silver closed July at $57.63, but I have a last of $66.20. That's a monthly gain of $8.57 or 14.9%, though price is still down over $5 on the year with four months to go.
• The big mining share ETF, the GDX, finished July at $74.10/share, but I have a last of $97.94. With a few hours to go, that's a monthly gain over 32% and the ETF is now UP 14.9% on the year.

Not too shabby and definitely not dog days or doldrums. However, August is now (almost) behind us, so let's look ahead to what will be a very interesting month of September. What are the key scheduled events that we'll need to watch?

• Tuesday, September 1: JOLTS jobs data.
• Wednesday, September 2: ADP jobs report.
• Thursday, September 3: Service sector PMIs for August.
• Friday, September 4: U.S. jobs report for August.
• Thursday, September 10: Producer Price Index.
• Friday, September 11: Consumer Price Index.
• Wednesday, September 16: FOMC meeting, rate decision, and Warsh press conference.

September Market Events To Watch

And that's just the scheduled news! What about all the incoming news that will surprise us? Will the Iran War worsen, and what about the Ukraine War too? Will the Japanese yen continue to melt away, requiring more intervention from the BoJ and U.S. Treasury? Bessent's first 30-year buyback is scheduled for Wednesday, the 9th. How will it be received? Will it need to be increased in size in the auctions that follow? And how will global equity markets react as the month progresses? September into October always seems to bring spooky fears and concerns given market history. What if stocks begin to sell off? Would that be good or bad for gold? No one ever knows for certain.

Gold And Silver Outlook For 2026

But all of that is for the month ahead. The year 2026 has been wildly volatile, and what's left of it is likely to continue that trend. As August ends, though, we should all take a breath and feel good about what was accomplished as prices moved off their lows—and then be ready for just about anything in September.

For current precious metals pricing, see the Sprott Money Spot Price Charts, Gold Spot Price Chart, and Silver Spot Price Chart. When you're ready to explore physical precious metals, visit gold bars and coins and silver bars and coins, and read more about the important week for silver price.

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