Gold & Precious Metals Corner

Thursday, 2026-09-17 · covering the last 24h

Market signal

Gold and silver claw back most of Wednesday's Fed-hike losses as yields ease and oil cools. Spot gold rebounded to $4,310.80 (+1.12%, +$47.80) Thursday, recovering roughly half of Wednesday's post-hike slide to a six-week low near $4,240 after the FOMC's unanimous 25bp increase to 3.75–4.00%; silver jumped 2.9% to $65.52, pulling the gold/silver ratio down to around 65.8 from 67.6 a day earlier. Platinum eased to $1,772.80 (-0.7%) while palladium firmed to around $1,320 (+2.1%). The bounce tracked the 10-year Treasury yield easing roughly 5bp to near 4.95% in the half hour after Wednesday's 2pm ET decision, a softer oil tape that eased the session's inflation impulse, and bargain-buying after the prior day's overshoot; miners followed, with GDX rebounding into the mid-$90s after Wednesday's slide toward $93. USAGOLD · Kitco News

Upstream — miners, streamers & supply

No material company-specific news across the majors, the silver/PGM producers or the royalty-streaming trio broke in this window — Thursday's move in the complex was macro-driven (see Market signal). Sibanye-Stillwater's USW strike at its Stillwater East mine and Columbus, Montana metallurgical facility remains unresolved, now into its third week with no talks reported between the company and the roughly 400 affected workers. The Northern Miner

Physical & official flows — central banks, ETFs & bullion

No new central-bank purchase disclosures, WGC data or COMEX/LBMA inventory releases broke in the window — those series update weekly or monthly. Yesterday's GLD-to-GLDM/IAU fee-arbitrage rotation and the standing China and Poland accumulation figures reported earlier this month stand unchanged.

Silver & PGMs — the industrial complex

No fresh industrial-demand, recycling or autocatalyst news broke in this window; the WPIC's early-September platinum surplus call and the silver structural-deficit debate stand unchanged. Palladium's rebound today (see Market signal) tracked the broader complex rather than any new fundamental input.

The Chatter

Vince Lanci — GoldFix (Substack): In "Breaking Down Goldman's Gold Prediction," Lanci cites Goldman Sachs' own updated estimate that China's real gold buying is running at roughly twice the pace it discloses through official reserve data, and frames that gap — not Wednesday's hike — as the bank's real reason for staying bullish into year-end. Post

Nomi Prins — Prinsights (Substack): In "The Fed Hiked Into an Oil Shock, Gold and Silver Steadied," Prins argues the Fed's own inflation readings are distorted by oil and shipping costs it can't control, and reads gold and silver's calm response to the hike as the market's verdict that this isn't the start of a genuine tightening cycle; she flags silver's fifth straight year of 100-million-plus-ounce deficits as an added squeeze on top of its rate-driven bid. Post

Alex Kuptsikevich — FxPro (via Kitco News): Kuptsikevich argues the hawkish hike was already the market's base case, so a stabilizing dollar and easing long-end yields should let gold's medium-term uptrend reassert itself; he flags a surprise three-hike dot plot as the one scenario that would send the dollar sharply higher and gold into a genuine sell-off. Post