The Treasury Tried To Stop This And It Didn't Work | Gold Above $4,600

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Gold finished the week above $4,600, with the episode’s core message being that traditional drivers have stopped working the way they used to. According to the description, war failed to lift gold, the highest long yields in 19 years did not break it, and the U.S. Treasury’s surprise debt-management moves did not derail the bid. The backdrop is a U.S. debt stock that has now moved above $40 trillion, alongside anticipation for Kevin Warsh’s first Jackson Hole keynote as Fed chair on August 28. The discussion brings together Gary Wagner, Ole Hansen and Thomas Kaplan, who all argue that the market is operating under a new regime. Wagner is said to identify a key technical level that decides the next leg in gold, while Hansen frames copper as a structural shortage story and gold as a shortage of trust, highlighting that roughly 70% of exchange copper is in a country that consumes only about 7% of it. Kaplan reportedly argues gold is in a “1987 moment” and still has room for another tenfold move, though the episode also notes his more cautionary warning beyond price. Near term, the setup is broadly supportive for precious metals: fiscal stress, policy uncertainty, and renewed focus on the Fed all reinforce gold’s safe-haven and monetary-hedge appeal. The main catalyst is Jackson Hole on August 28, with market attention on whether Warsh signals a policy shift that could alter real-yield expectations. Copper’s tightness is also relevant for the broader metals complex, but the direct trading takeaway is that gold is being treated less as a geopolitical hedge and more as a trust hedge against sovereign/fiscal credibility.