AH Monthly Perspective — September 2026

August: A Strong Month for Precious Metals

August was a strong month for precious metals, with gold (+7.4%) and silver (+15%) posting their largest monthly gains since January. Gold benefited from geopolitical uncertainty, concerns around sovereign debt, and continued investment demand, while silver also performed strongly.

The final days of the month, however, were a reminder that precious metals rarely move in a straight line. Rising Treasury yields and changing expectations for U.S. interest rates created renewed pressure on both metals.

September Outlook

September has already begun with significant volatility. This morning, gold fell more than 2% and silver approximately 3% after the U.S. economy added 162,000 jobs in August—far above expectations—strengthening the case for another Federal Reserve rate later this year.

Looking ahead, we are watching these key areas:

Interest rates: U.S. inflation data and the September Federal Reserve meeting will be important short-term price drivers. Higher interest rates generally pressure gold, while lower rates tend to provide support.

Physical demand: Central-bank and private investment demand remain important components of the longer-term gold story. Both segments continue to diversity due to increased geo-political uncertainly and US sovereign debt concerns.

Prominent precious metals analyst Nicky Shiels of MKS PAMP recently characterized the current market as “…a rally pause, not a rally over…” for gold and silver. 

What’s New at Aurum Helvetica

A lot has been happening at Aurum Helvetica since we launched last fall.

We now offer a premium selection of investment-grade gold and silver bars and coins from leading Swiss brands PAMP Suisse and Valcambi, alongside internationally recognized products from the Royal Canadian Mint, United States Mint and The Perth Mint.

We’ve also expanded our secure storage network beyond Zurich. Working with trusted partners including Loomis International and SWP, we can offer strategic storage locations in Switzerland, Singapore, the Cayman Islands, the United States, Canada and Dubai. With a single AH account, clients can own and store physical precious metals across multiple jurisdictions.

Our banking relationships are also expanding, providing more convenient on- and off-ramps in CHF, EUR, USD and CAD.

For clients looking to build their holdings gradually rather than make a single larger purchase, ask us about our Precious Metals Accumulation Program.

🏒 The Lesson from the Locker Room

After 17 years in professional hockey, some of the most valuable lessons I carried with me had very little to do with hockey. The greatest lesson was human.

In a strong team, trust isn’t created by putting the word on a wall. It is built slowly.

You learn who shows up. Who does what they said they would do. Who accepts responsibility when things go wrong. Who puts the team ahead of their own ego. And who you want beside you when the game becomes difficult.

Once that trust exists, you can concentrate on doing your own job because you know the person beside you will do theirs. I’ve seen versions of that same lesson throughout my life after hockey — different industries, different countries and completely different environments. But the fundamentals remained remarkably similar:

Connect with people. Listen. Recognize character. Bring the right people together. Build trust long before there is business to be done.

That philosophy has become part of what we are building at Aurum Helvetica.

We don’t believe our business is simply precious metals. Gold is the product. Trust is the mission.

In a world increasingly filled with screens, platforms, automation and digital relationships, people are still looking for something technology cannot easily replace: a relationship with someone they trust.

Gold may be the physical asset we deliver. Trust is the foundation we want to build first.

Because whether you’re building a hockey team, a business or a portfolio, the same principle eventually reveals itself: The real strength of the structure becomes visible when trust is tested.

Invest. Store. Belong.

Best regards,

Ralph Stalder

CEO

Aurum Helvetica