Week of September 8-12, 2026. Prices as of Thursday. Last PMW issue: September 4.
Gold and Silver This Week
Gold extended last week’s post-NFP selloff and then got hit again. After opening the week near $4,411, gold drifted lower through Tuesday and Wednesday as the dollar held firm and rate-hike expectations continued to build. The real damage came Wednesday afternoon when the August Producer Price Index report landed well above expectations: headline PPI rose 5.4% year-over-year, hotter than the 4.8% consensus. Gold dropped roughly 2% in the session, falling from the $4,380 area toward $4,300.
By Thursday morning, gold had stabilized near $4,348, a modest bounce from the post-PPI lows but still down roughly 5% from the $4,585 level two weeks ago. The all-time high of $5,589 set on January 28 feels distant. The 10-year Treasury yield climbed toward 4.90% this week, and the dollar index (DXY) sat near 99, both working against gold.
Silver traded in a tight range between $63 and $64 for most of the week, underperforming gold on a relative basis. The gold-silver ratio has drifted up to around 68, above its 50-year average near 60. Three months ago the ratio sat at 61.7. The widening reflects institutional money rotating out of silver’s industrial-demand story and into cash or Treasuries as rate-hike expectations firm.
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Oil Tops $100, PPI Runs Hot, and the CPI Is Next
The U.S.-Iran conflict escalated sharply this week. Tit-for-tat strikes on tankers and warships near the Strait of Hormuz pushed Brent crude above $101 per barrel on Wednesday, its highest closing price since May. WTI settled near $96. The conflict is now in its seventh month, and Goldman Sachs warned that Brent could breach $120 if Gulf crude output remains 4 million barrels per day below prewar levels.
Higher oil prices normally boost gold as an inflation hedge, but the market is treating this differently. Oil-driven inflation pushes up yields, strengthens the dollar, and raises the odds of a Fed rate hike. That chain of effects is currently outweighing gold’s traditional safe-haven bid. Wednesday’s hot PPI reinforced the pattern: producers are paying more, and the Fed has less room to hold.
The August Consumer Price Index, due out Friday morning at 8:30 AM Eastern, is the last major inflation reading before the September 15-16 FOMC meeting. Economists expect headline CPI around 3.4% year-over-year (roughly flat from July’s 3.4%) with core CPI easing slightly to 2.4%. A hot headline driven by energy with a cooling core would be ambiguous for policy and could split the market’s reaction. Fed funds futures currently price a 59-65% probability of a 25 basis point rate hike next week, up from around 50-50 before last Friday’s strong jobs report.
Gold ETFs Set a Record, Then Reversed
August’s gold ETF flows told a story of two moods. Global gold-backed ETFs attracted $18 billion during the month, the second-highest monthly inflow ever recorded. North American funds drew $7.7 billion (their third-largest month), European funds posted their biggest month ever at $7.9 billion, and Asian funds added $2 billion. Total global gold ETF assets under management rose 16% to $615 billion.
September has been a different story. The first week brought net outflows from major funds like SPDR Gold Shares (GLD) as the dollar strengthened and rate-hike odds climbed. The August inflows reflected a world betting on rate cuts and geopolitical hedging. The September outflows reflect a world repricing for higher-for-longer rates. Which narrative wins depends on Friday’s CPI and next week’s Fed decision.
Platinum and Palladium
Platinum traded near $1,808 on Thursday, up roughly 29% year-over-year. The World Platinum Investment Council revised its 2026 outlook to a surplus, which has capped price gains despite strong industrial demand. The Iran conflict adds supply risk through energy costs and South African production disruptions, but the market has not priced that in yet.
Palladium sat near $1,315, down about 4% for the month and well below its 2021-2022 highs above $2,500. Autocatalyst substitution from palladium to platinum continues to weigh on demand.
US Mint Updates
The Trump $1 coin rolls and bags remain listed as available with additional inventory being produced. Initial sales hit 99% of product limits within hours of the September 2 launch (148,524 of 150,000 rolls, 49,604 of 50,000 bags). The Mint has not announced a final production cap. Rolls sell for $61 (25 coins) and bags for $154.50 (100 coins), with 250,000 coins bearing a special July 4th privy mark randomly distributed. Secondary market premiums on sealed rolls have moderated from launch-day spikes.
The 2026-W Palladium Eagle sold 4,778 of its 5,000-coin mintage (95.6%) before being listed as unavailable roughly 8 minutes after launch at $1,895. This is the lowest mintage cap in the program’s 10-year history. See our Palladium Eagle mintage chart for the full series breakdown.
The 1804 Silver Dollar Best of the Mint set remains at roughly 66% sold (9,947 of 15,000). The series finale, the 1907 Saint-Gaudens High Relief set, goes on sale September 24 at noon ET. Pricing is $6,290 for the set, which includes a one-ounce .9999 fine gold coin and a companion one-ounce .999 fine silver medal. The mintage cap is 15,000 units. Many collectors consider the 1907 Saint-Gaudens the most artistically significant coin design in American history, originally commissioned by Theodore Roosevelt and designed by Augustus Saint-Gaudens.
Looking further ahead, the Trump $250 Gold Proof Coin launches November 5 at $895 with a 50,000-coin mintage, and the 2026 American Buffalo Anniversary 1/10 oz Gold Coin arrives November 13.
Premium Trends
The cheapest 2026 Silver Eagle is around $68, a bullion premium of roughly 7% over melt. Random-year Eagles on the secondary market run about $67, or roughly 5% over melt. These remain some of the narrowest spreads in the program’s recent history, a fraction of the 30-50% premiums that defined 2022-2023. Gold bar premiums hold at 1-3% for one-ounce bars. For current comparisons, visit our gold bullion price comparison and silver bullion price comparison pages.
Week Ahead
Friday’s CPI report is the week’s main event, and by the time you read this it may already be out. A hot number likely locks in a September 15-16 rate hike and sends gold lower. A cool number keeps the debate open and could spark a relief rally. Beyond CPI, watch the Iran situation: oil above $100 feeds into both inflation expectations and energy-driven consumer price pressure, creating a feedback loop that complicates the Fed’s calculus. On the Mint calendar, mark September 24 for the Saint-Gaudens Best of the Mint finale. At 15,000 units and $6,290, it will likely be the fastest-selling Best of the Mint set in the series. And the 1804 Dollar set is still a third unsold at 15,000 units, which is unusual for this program.
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Disclaimer: This article is for informational and educational purposes only. It is not financial or investment advice. FindBullionPrices.com is a price comparison platform and does not sell bullion or coins.
