Gold and Silver After September Decline: Focus on the Fed, the Dollar, and Debt

Gold fell by about 6.5 percent in September, while silver dropped by about 9 percent. Rising bond yields and a stronger U.S. dollar were the main factors weighing on prices. High real interest rates are generally unfavorable for precious metals, as gold itself does not pay interest. This brings the U.S. Federal Reserve’s monetary policy into sharp focus.

Following weaker inflation data, the probability of an interest rate hike in October fell from around 51 to 37 percent, according to CME FedWatch. If inflation and economic activity decline, this could provide support for gold and silver. At the same time, U.S. national debt has surpassed the $40 trillion mark ; as interest rates rise, so does the interest burden. This, combined with geopolitical tensions, could once again strengthen gold’s role as a safe haven.

The Dollar and Industry as Additional Drivers

Since precious metals are traded in U.S. dollars, the currency also plays a role: if the dollar weakens, gold and silver become more affordable for buyers outside the U.S. Silver is generally more volatile than gold and has an industrial component. When the economy is running smoothly, industry needs more silver, and investors are also more likely to turn to gold’s “little brother.”

Fortuna: On Track for About 500,000 Ounces

Fortuna Mining – https://www.commodity-tv.com/ondemand/companies/profil/fortuna-mining-inc/ – operates precious metal mines in West Africa and Latin America and produced 72,217 ounces of gold equivalent in the second quarter of 2026. At the Séguéla mine in Ivory Coast, processing capacity is set to increase by 30 percent; according to the company, Séguéla is then expected to deliver more than 200,000 ounces of gold per year.

In Senegal, Fortuna is advancing the Diamba Sud gold project, for which a feasibility study has been completed. In August, the company also acquired the adjacent Bambadji exploration project for $200 million. Starting in the second half of 2028, Fortuna aims to achieve a group-wide annual production rate of approximately 500,000 ounces of gold equivalent, provided the build-out decision for Diamba Sud is favorable.

Silver Tiger: El Tigre Under Construction

Silver Tiger Metals – https://www.commodity-tv.com/ondemand/companies/profil/silver-tiger-metals-inc/ – is developing the El Tigre silver-gold project in Sonora, Mexico. Commissioning and the first doré bars are scheduled for December 2027. During the summer drilling program north of the future mine, drill hole ET-24-649 intersected 2.1 meters grading 7,715 g/t silver equivalent (approximately 103 g/t gold equivalent) at a depth of 39.9 to 42.0 meters . According to the company, the mineralization remains open in all directions.

Conclusion: Fortuna and Silver Tiger on the Verge of Milestones

Following a weak September, gold and silver prices are tied to the Fed, the dollar, and real interest rates. Fortuna is focusing on the expansion of Séguéla and the construction decision for Diamba Sud. Silver Tiger is working toward producing its first doré bars in December 2027. Precious metal prices, financing, and staying on schedule for construction remain critical.

Latest company news and press releases from Fortuna Mining (-  https://www.resource-capital.ch/de/unternehmen/fortuna-mining-corp/ -) and Silver Tiger Metals (- https://www.resource-capital.ch/de/unternehmen/silver-tiger-metals-inc/ -).

You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/.

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Sources and Methodology

This presentation is based on company announcements, mandatory disclosures, and other publicly available market and news sources. Company sources are not independent sources. Last updated: October 7, 2026.

Investing.com, Gold in September 2026: https://www.investing.com/news/commodities-news/gold-steadies-after-16-gain-as-oil-drop-offsets-elevated-treasury-yields-4923962

Fortune, Silver Price September 30, 2026: https://fortune.com/article/current-price-of-silver-9-30-2026/

U.S. Global Investors, Gold in September: https://www.usfunds.com/resource/gold-stumbled-in-september-but-gold-miners-beat-every-sector-in-the-sp-500/

Börse Online, Gold Price and Interest Rates: https://www.boerse-online.de/nachrichten/rohstoffe/darum-kann-der-goldpreis-trotz-hoher-zinsen-wieder-steigen-20410890.html

Khaleej Times, U.S. National Debt Exceeds $40 Trillion: https://www.khaleejtimes.com/business/us-national-debt-exceeds-40-trillion-for-first-time-2

Fortuna, Q2 2026 Production: https://www.chartmill.com/news/external/71229/globenews-2026-7-9-fortuna-reports-second-quarter-2026-production-of-72217-gold-equivalent-ounces-and-advances-key-growth-initiatives

Fortuna, Séguéla Expansion (July 30, 2026): https://www.globenewswire.com/news-release/2026/07/30/3335699/0/en/fortuna-approves-30-capacity-expansion-of-the-s%C3%A9gu%C3%A9la-gold-mine-in-c%C3%B4te-d-ivoire.html

Fortuna, 2028 Production Target (SEC 6-K): https://www.stocktitan.net/sec-filings/FSM/6-k-fortuna-mining-corp-current-report-foreign-issuer-f2df05a6b41b.html

Mining Digital, Bambadji Acquisition: https://miningdigital.com/news/why-fortuna-paid-200m-to-consolidate-senegal-gold-ground

Silver Tiger, Drilling Results from the Northern Section of El Tigre: https://www.finanzwire.com/press-release/silver-tiger-intersects-21-metres-of-772-kilograms-per-tonne-silver-equivalent-in-the-caleigh-vein-including-053-metres-of-2962-kilograms-TlxiFRkSabH

Silver Tiger, Construction Progress at El Tigre (August 17, 2026): https://www.stockwatch.com/News/Item/Z-C!SLVR-3839518/C/SLVR

SRC, Fortuna Mining company page: https://www.resource-capital.ch/de/unternehmen/fortuna-mining-corp/

SRC, Silver Tiger Metals company page: https://www.resource-capital.ch/de/unternehmen/silver-tiger-metals-inc/

SRC, Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

Source of intro image: https://fortunamining.com/mine/seguela-mine-cote-divoire/

Advertisement, Commission, and Compensation

Advertisement – This article is a paid marketing and communications message commissioned by and on behalf of Fortuna Mining Corp. and Silver Tiger Metals Inc. SRC swiss resource capital AG has a paid investor relations advisory agreement with each of these companies; the compensation is not performance-based. This article was not submitted to the companies in advance for review or approval. This article is not an independent financial analysis, investment advice, individual investment recommendation, or a solicitation to buy, hold, or sell securities. No assessment is made of readers’ personal circumstances, investment objectives, knowledge, experience, or risk tolerance.

Creator, Author, and Responsible Party

The creator and publisher is SRC swiss resource capital AG. The author is Ingrid Heinritzi, a freelance journalist. The person responsible within the meaning of Section 18(2) of the German Media Services State Treaty (MStV) is Marc Ollinger, CEO of SRC swiss resource capital AG.

Conflicts of Interest and Positions

According to confirmed information as of the date of publication, the author holds no positions in the issuers discussed. SRC swiss resource capital AG holds no net position in the issuers discussed. None of the issuers holds a 5% or greater stake in SRC swiss resource capital AG. The author, employees, and affiliated companies of SRC swiss resource capital AG may establish or liquidate positions (long/short) in the issuers discussed in the future. Aside from the IR advisory agreements mentioned, there are no other business or financing relationships.

Sources, Technical Details, and Scope of the Review

This report is based on public company announcements, project websites, mandatory disclosures, and other publicly available original sources. SRC swiss resource capital AG has not conducted its own resource estimate, drill data review, metallurgical analysis, feasibility study, or independent company valuation. Silver Tiger’s drill results are drill intervals along the drill core; true thicknesses are not specified. The equivalent values are based on the company’s assumptions regarding metal prices and recovery rates. The drill results from the northern area are not part of a current mineral resource or mineral reserve. Fortuna’s production target for 2028 is contingent upon a positive construction decision for Diamba Sud and the successful expansion of Séguéla; a feasibility study is available for Diamba Sud. Technical data may have been reviewed or approved by a Qualified Person as defined by NI 43-101, but has not been independently verified by SRC swiss resource capital AG.

Risks and Forward-Looking Statements

This article contains forward-looking statements, such as those regarding the development of precious metal prices and U.S. monetary policy, the expansion of Séguéla, the development of Diamba Sud and Bambadji, and the construction of El Tigre. These statements are based on assumptions and plans and are not a guarantee of future performance; actual results may differ materially. Significant risks include, in particular, exploration results, geology and metallurgy, permits, financing and dilution, construction, cost, and operational risks, gold and silver prices, exchange rates, as well as political and legal risks in West Africa, Latin America, and Mexico. Shares of resource companies are speculative; a total loss of the invested capital is possible.

Regulatory Transparency and Timeliness

The disclosure is based, where applicable, on Article 20 of Regulation (EU) No. 596/2014 (MAR), Delegated Regulation (EU) 2016/958, Section 85 of the German Securities Trading Act (WpHG), as well as Section 52(2) of the Securities Act (British Columbia) and BC Notice 51-703 of the British Columbia Securities Commission. This document was last revised on October 7, 2026, and was first published on October 9, 2026. There is no obligation to update this document after publication; statutory correction obligations remain unaffected. Subsequent changes in the company’s, project’s, market’s, or legal situation may render individual statements obsolete.

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