Gold & Precious Metals Corner

Thursday, 2026-09-10 · covering the last 24h

Market signal

A hot PPI print does what Tuesday's Iran strikes couldn't: it knocks gold and silver both down together. August producer prices rose 0.4% on the month and 5.4% year-on-year — a tenth above forecast, with a 4.2% energy jump doing much of the work — and traders responded by pushing the odds of a Fed hike at next week's September 15–16 meeting to roughly 70%, up from about 60% beforehand. Gold slipped around 1% to the mid-$4,300s, silver fell a similar amount to around $66.50–67, and platinum dropped about 1.5% to near $1,890; the gold/silver ratio ticked up to about 66 as silver gave back some of its recent outperformance. FXStreet · Yahoo Finance · USAGOLD

Upstream — miners, streamers & supply

The Sibanye-Stillwater USW strike at Stillwater East and the Columbus, Montana metallurgical complex is into its second week with no talks reported between the company and the roughly 420 affected workers; the dispute remains over healthcare cost-sharing and cuts to long-term disability cover, against a 5% wage-increase offer the union says doesn't address its core asks. No other material miner, streamer or supply news in the window. United Steelworkers · KULR8

Physical & official flows — central banks, ETFs & bullion

Global gold ETFs post their second-biggest month ever, holdings hit a record. The World Gold Council's August tally shows gold-backed ETFs worldwide adding 121 tonnes for an $18bn net inflow, the second-largest monthly haul on record, lifting collective holdings to an all-time high of 4,189 tonnes and fund AUM to $615bn. Europe had its strongest month ever (+54.2 tonnes, $7.9bn, led by the UK and a record month for French funds), North America added $7.7bn, and Asia's $2bn was its best since February on renewed Chinese buying — a broader, more global bid than the China-and-Europe pattern of recent months. World Gold Council · FXStreet

Silver & PGMs — the industrial complex

No new industrial-complex data in the window; the Silver Institute's sixth-consecutive-deficit call and the WPIC's platinum surplus flip, both covered this week, stand unchanged.

The Chatter

Florian Grummes (Substack, Gold Daily Call): Grummes reads Wednesday's breakout from gold's two-week triangle pattern as unresolved rather than confirmed — he lays out a fork where a false breakout sends gold back to test its 50-day moving average through choppy, pre-Fed trading, versus a hot CPI print or hawkish Fed language pushing gold through $4,440 and opening a path toward the 200-day average near $4,537. Post

Vince Lanci — GoldFix (Substack): In a piece titled "How They Suppress Silver — Whack-a-Mole," Lanci's throughline is that every mechanism used to relieve pressure on silver's price — COMEX positioning, EFP flows, lease-rate arbitrage — just pushes the underlying tightness somewhere else, into vault withdrawals, backwardation or borrowing costs; in his framing that's a sign the physical squeeze is being managed on paper, not resolved. Post