Monthly letter September 2026
2026-09-07 15:30:00
August delivered exactly what we had been waiting for, and what a way to start the Au-tumn. Gold rose 10% to USD 4,447 and silver 15.5% to USD 66.55, ending the five-month wait for the next leg. Silver moving more strongly than gold is a healthy sign for the whole precious metals trend.
In this month's letter, we look at:
- A Fed keynote in Jackson Hole that moved markets while saying almost nothing about policy — and why the debt, not the speeches, will decide when stimulus returns
- Central banks as net buyers of gold for a 15th consecutive year: the tenth strongest half-year since the financial crisis by volume, and the second highest by dollars spent.
- Why copper supply keeps falling behind demand: no major new discoveries in years, and output slipping even in Chile, the source of a fifth of the world's copper