Bullish on gold since back in spotlight.
Buybacks Fix Only Liquidity — Is Gold Above $4,500 Pricing the Deficit?
Gold's rally is not a haven trade, it is a fiscal credibility trade. The trigger: Treasury doubling long-end buybacks Wednesday; spot gold +4% past $4,500, $4,533 Friday. The tell came next day — yields reversed higher and gold kept every gain. Buyers are not pricing "rates fell" but "this tool does not treat the disease": buybacks address liquidity, not the deficit or term premium. Silver +4.77%, GDX +2.59%. The bear case is the July minutes — three members wanted a hike, restoring the opportunity cost of a non-yielder. GLD, SLV, or GDX?
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