Gold & Precious Metals Corner

Saturday, 2026-09-05 · covering the last 24h

Market signal

Gold sits high into the jobs print. December futures opened Friday near $4,522/oz, off 0.4%, ahead of a payrolls number that ultimately came in hawk-friendly — in a year that already stamped January's $5,597 record during the Hormuz shock. Silver held near $67 after two up sessions as Governor Waller's dovish remarks trimmed September rate-hike odds. Yahoo Finance · Fortune

The miners are the loudest tape in the complex. GDX surged 33% in August — its largest monthly gain since the COVID lows and only the fourth 30%+ month since 2006 — the equity market's way of repricing record margins at these gold prices. Yahoo Finance

Upstream — miners, streamers & supply

No material company news in the window. The sector's standing story is still August's Nevada reshaping: Newmont's $1.95bn top-up payment into the expanded Nevada Gold Mines JV and its consent to Barrick's proposed IPO of its North American gold assets (announced August 10) — the structural backdrop to the miners' re-rating above. Barrick

Physical & official flows — central banks, ETFs & bullion

Official buying cooled in July — August data lands next week. Central banks bought a net 23 tonnes in July per World Gold Council data (reported early August): China (+20t) and Poland (+8t) led, Russia was the largest seller (−6t), and year-to-date official purchases run near 130 tonnes against ~160 this time last year. The PBoC's July addition was its largest monthly purchase since 2023. WGC via TASS · Kitco

Silver & PGMs — the industrial complex

Palladium gives back its run. Futures fell around 2.8% Friday toward $1,400/oz, a second day of losses off three-month highs, as the stronger dollar and higher Treasury yields that followed Chair Warsh's hawkish signalling weighed on the metal; platinum held firmer near $1,826. NYMEX via Armenpress

The Chatter

Vince Lanci — GoldFix, via Robert Sinn's Substack (Sep 2): Lanci argues Warsh is playing a deliberate game with markets off the back of his Jackson Hole debut — and that the gold miners' tape is the signal worth reading through the noise, not the daily spot wiggle. (partly paywalled) Post

A quiet Friday otherwise — the commentariat spent the week metabolising Warsh, and the sharpest takes were about the miners, not the metal.