We may have just witnessed what years from now will be looked back upon as one of the mileposts of the current gold and silver rally.
Chris Marcus dropped the tape after Treasury Secretary Scott Bessent doubled the pace of US debt buybacks. That is NOT a good sign. That is the government buying its own paper because the long end is starting to bite.
“Buyback is a clear signal the Treasury is watching markets and concerned about long end yields.”
Chris calls it Bessent’s bazooka. If the system were fine, they would not need it.
“I would suggest if everything is working optimally as planned, such a thing shouldn’t be necessary.”
Gold already answered. From about $4,019 on July 28 to above $4,700.
That’s a $700 rip in a month the textbooks call the summer doldrums.
The biggest monthly gain for gold since 1999!
Silver tagged $70, then parked in the $65 to $70 range. The New York versus Shanghai premium is still sitting near $8.50. That gap has not closed all year.
“I would suggest indications of remaining tightness.
”The dollar is the other tell. It came in near 110 as the new administration arrived. Now it is hanging around 99.
Chris says they want a lower dollar, they need a lower dollar, and they are going to get a lower dollar.
“Bessent’s bond maneuvers giving the global debasement trade new life.
”He is not treating this as the top. He is treating it as a milepost. I still think its early in the gold and silver rally.”
“I still dont know how this ever gets undone aside from some sort of gold revaluation at some point.”
Yields scare Treasury. Treasury prints the bid. Gold and silver take the hint. Silver is still tight. Marcus believes the rally is not finished.
THE BUYBACKS ARE THE SIGNAL.
“Buyback is a clear signal the Treasury is watching markets and concerned about long end yields.”
Chris calls it Bessent’s bazooka. If the system were fine, they would not need it.
“I would suggest if everything is working optimally as planned, such a thing shouldn’t be necessary.”
Gold already answered. From about $4,019 on July 28 to above $4,700.
That’s a $700 rip in a month the textbooks call the summer doldrums.
The biggest monthly gain for gold since 1999!
Silver tagged $70, then parked in the $65 to $70 range. The New York versus Shanghai premium is still sitting near $8.50. That gap has not closed all year.
“I would suggest indications of remaining tightness.
”The dollar is the other tell. It came in near 110 as the new administration arrived. Now it is hanging around 99.
Chris says they want a lower dollar, they need a lower dollar, and they are going to get a lower dollar.
“Bessent’s bond maneuvers giving the global debasement trade new life.
”He is not treating this as the top. He is treating it as a milepost. I still think its early in the gold and silver rally.”
“I still dont know how this ever gets undone aside from some sort of gold revaluation at some point.”
Yields scare Treasury. Treasury prints the bid. Gold and silver take the hint. Silver is still tight. Marcus believes the rally is not finished.
THE BUYBACKS ARE THE SIGNAL.
