September gold dips 7.9% as small-scale deliveries fall, but third-quarter deliveries rise 19.8%

Fidelity Gold Refinery took in 4,715.46 kg of gold in September 2026. That is 7.9% less than August's 5,119.20 kg, but 86% more than in September 2025, when deliveries were 2,535.21 kg.¹

The monthly fall came entirely from small-scale miners. They delivered 3,398.32 kg, down 14.6% on August and 3.4% lower than a year earlier. Large-scale mines went the other way: 1,317.14 kg, up 15.5% on the month and 29.5% on the year. Small-scale miners still supplied about 72.1% of September's gold.¹

The quarter tells a different story

Take the three months together and small-scale gold is the reason the year looks strong. Deliveries in the third quarter came to 14,483.97 kg, up 19.8% from 12,085.67 kg in the second quarter and 8.7% above the third quarter of 2025.¹

Small-scale miners delivered 10,837.53 kg in the quarter, 28.5% more than in the second quarter. Large mines delivered 3,646.45 kg, flat on the quarter (down 0.2%) but 22.2% up on a year earlier. In other words, almost all of the quarter-on-quarter gain, roughly 2.4 tonnes, came from small-scale producers.¹

The refinery data does not explain why September's small-scale figure fell, and we will not guess. One month is a weak signal in a series that moves around a lot. Our own gold page shows August's deliveries at 5.12 tonnes, with small-scale miners supplying about 3.98 tonnes of that, so September's drop comes after a high month.

What it means for buyers and sellers of gold ground

Most of the gold claims on the register are small blocks of the kind small-scale miners work, often 10 to 150 hectares. The quarterly numbers support the case for that kind of ground: small-scale miners are delivering more gold through the formal channel than a year ago, and they carry most of the national total.

For a buyer, the useful questions are practical:

• Is the claim's paperwork current? Check the certificate of registration in person at the Provincial Mining Director's office before money moves.
• Has the ground actually produced? Ask the seller for delivery receipts or milling records, not just samples.
• Is any recent dip the ground, or the month? A single weak month, like September, says little about one claim.

For a seller, strong quarterly figures help a pitch, but buyers will ask for evidence specific to the block. Records of deliveries to Fidelity or its buying agents, and clear title, will do more for a price than national averages.

We will update the gold chart when October's deliveries are published.