by Craig Hemke, Sprott Money:
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.
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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:
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?
