On Friday, September 25, FXStreet's analysis reported that gold and silver had given back their initial post-Fed gains. At 15:57 UTC Friday, the same analysis put spot gold near $4,266 an ounce. At 15:57 UTC Friday, it quoted silver near $63.80 an ounce. If you own the miners, the question is whether this is a passing reversal or the start of a higher cost to hold an asset that pays no income.
The Fed's September 16 statement raised its target range by a quarter point. The Treasury's September daily table put the ten-year yield at 5.18 per cent on September 24. The same table recorded 5.01 per cent on the Fed's September 16 decision day. We discussed the collision of rates and asset values in The Last Time Wealth Peaked Like This. For you, the income available from a Treasury has climbed since the rate decision, while bullion still pays no coupon.
There are several clocks on a metals screen. At 5:30 a.m. CT Friday, CME's gold futures page quoted its displayed contract at $4,307.70 an ounce. At 3:59 p.m. CT Thursday, CME's silver futures page quoted its displayed contract at $64.235 an ounce. Those futures quotes and FXStreet's spot observations refer to different instruments and timestamps. We would measure the week against each market's own previous price.
For mining shares, a higher yield can raise the return investors require, while lower metal prices can squeeze the spread between a producer's selling price and its costs. Yet the Treasury table reports nominal yields. It does not tell us how much of the rise reflects expected inflation or prove that bonds caused every dollar of gold's retreat. A week of spot trading cannot establish a producer's realized price for the quarter, so we would compare that figure with its unit costs when results arrive.
There is an upside if yields settle and the metal finds buyers again: a miner can benefit from a stronger selling price while its operating plan holds. The risk is that a durable rise in yields leaves shares competing with bonds just as bullion revenue comes under pressure. We would want more than a single intraday rebound before paying for that upside. At 15:57 UTC Friday, the FXStreet analysis identified $4,300 as the lower edge of gold's recovery zone. The next sessions will show whether buyers can take it back.
We will watch the Treasury's September 25 close when its daily rate posts, then gold and silver through Monday, September 28.
Seek the truth and be prepared,
Equedia News
Sources
- FXStreet, Gold and Silver retreats to FOMC lows as US Yields surge
- Federal Reserve, FOMC statement, September 16, 2026
- U.S. Treasury, Daily Treasury par yield curve rates, September 2026
- CME Group, Gold futures overview
- CME Group, Silver futures overview
- The Equedia Letter, The Last Time Wealth Peaked Like This
Disclaimer: This letter is for informational and educational purposes only and does not constitute investment advice. Past predictions and performance are not indicative of future results. Please see our full terms of use and disclaimer at equedia.com. We own gold and gold stocks.
