Silver Nitrate Output Drops 2.32% in August, Yearly Production Down 18%

[SMM Silver Express] SMM 1# silver production stood at 1,564 tonnes in August 2026, up 0.5% month-on-month; cumulative production for January-August reached 12,963 tonnes, up 4.7% year-on-year.

August silver output edged up 0.5% MoM but remained subdued, with inventories still building amid weak photovoltaic demand. Spot premiums held at discounts to TD. A modest demand recovery is expected in September, though significant price moves are unlikely.

[SMM Precious Metal Express] Fed officials Hammack and Goolsbee delivered hawkish remarks simultaneously. Hammack said the Fed should act on rate hikes, as waiting would only bring pain, and does not believe financial conditions are tight. Goolsbee noted that inflation has persisted longer than expected, and the focus must remain on whether it is transitory. The dual hawkish signals have further raised rate hike expectations, weighing on precious metals.