Precious metals mining shares posted a 32% gain in August, with the sector's benchmark GDX index climbing from $74.10 at the end of July to $97.94 by August 31, according to a market update from Sprott Money. That single-month move left the mining equity benchmark up nearly 15% for the year, outpacing the metals themselves over the same stretch.

Spot gold rose from $4,045 an ounce at the end of July to $4,430 by August 31, a gain of $425, or 10.5%, for the month. Silver moved even more sharply, climbing from $57.63 to $66.20 over the same period, an increase of $8.57, or 14.9%. Despite August's rally, the two metals show very different year-to-date pictures: gold is up about 2.4% for 2026, a gain of roughly $105 an ounce, while silver remains down more than $5 on the year after a volatile spring and summer.

The report attributes part of August's rally to the announcement of new "Yield Curve Control" measures in the United States, which analyst Craig Hemke described as a bullish catalyst for precious metals markets. Looking ahead, the update flagged several potential September catalysts for continued volatility, including monthly jobs data, inflation reports, and the Federal Reserve's September 16 policy meeting, alongside ongoing geopolitical risk factors that have shaped trading throughout 2026.

Source: Sprott Money -- https://www.sprottmoney.com/blog/september-to-remember-gold-silver-update-2026