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    Gold price shakes off profit taking: planning signals for mine project teams

    August 15, 2026|

    Reviewed by Tom Sullivan

    Gold price shakes off profit taking: planning signals for mine project teams

    First reported on MINING.com

    30 Second Briefing

    Gold for December delivery on Comex rose 0.3% to $4,435/oz after rebounding from $4,365.50 and nearing $4,454.60 intraday, as softer July US inflation cut money-market odds of a September Fed hike to about one in three from over 40% a week earlier. Spot gold steadied around $4,353/oz and silver futures at $65.13/oz left silver down about 8% year-to-date, while BMI now expects gold to average $4,400/oz in 2026 with the dollar index in a 98–102 range. Precious metals miners have surged, with Hecla, Eldorado, Equinox, Coeur, Agnico Eagle and Newmont up 26–32% over ten sessions against an 8% move in gold.

    Technical Brief

    • BMI reports the precious metals complex is up over 10% month-to-date, indicating strong sector-wide re-rating.
    • September silver futures gained 0.2% to $65.13/oz, with spot silver at $64.75/oz intraday.
    • Spot gold traded in a relatively tight intraday band between $4,332/oz and $4,353.27/oz in London.
    • Profit-taking followed a move that briefly pushed New York gold prices back above $4,500/oz this week.
    • Venezuela and its opposition jointly requested release of 31 tonnes of BoE-stored gold, worth >$4 billion.
    • That Venezuelan bullion has been frozen at the Bank of England since 2018 amid recognition disputes.
    • The Bank of England is expected to seek legal clarity and use-of-proceeds assurances before any release.
    • Precious metals equities have materially outpaced bullion: Hecla +32%, Eldorado +31%, Equinox +30%, Coeur +28%.
    • Agnico Eagle and Newmont have risen 27% and 26% respectively over ten sessions, versus single-digit bullion gains.

    Our Take

    The outsized 10-session equity moves in Newmont, Agnico Eagle and peers versus an 8–12% move in underlying gold and silver prices suggest leveraged sentiment in senior producers, which can materially improve financing terms for late-stage gold projects in our database when such rallies persist beyond a single month.

    The mention of Comex and the Federal Reserve here, alongside the late-July piece on gold’s spike after the Fed held rates, underlines that 2026 gold pricing in our coverage is being driven more by rate-path surprises than by mine-level supply shocks, which tends to favour low-cost, long-life operations over marginal new builds.

    Venezuela’s push to access 31 tonnes of gold held at the Bank of England adds a sovereign-reserve angle to 2026 gold demand in our database, signalling that central bank and state-related flows may continue to buffer project developers from purely investment-led price swings.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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