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Scott Bessent should start calling himself "Goldfinger." Gold is having its best month since January, and nobody at the Fed did a thing to cause it.
The metal traded around $4,641 midday Tuesday, up roughly 14% on the month and holding near a 3-month high, though still well shy of where it sat in January.
A dollar index down 0.8% this month makes dollar-priced bullion cheaper for anyone holding euros or yen.
The other half is a bit of a mess as bond yields have soared this year, with the 30-year touching levels last seen in 2007.
High yields are supposed to be a problem for gold prices, as every basis point makes a rock that pays you nothing look worse next to a Treasury that pays you plenty.
30M+ investors trust Moby to find it first.
The contradiction is why this rally's return address is not the Eccles Building.
Instead, it traces straight back to our very active Treasury Secretary.
Bessent doubled long-end buybacks this month, with reporting that he may tap the Treasury General Account to fund more of them.
Buyers started reading yields as a symptom of a broader disease, because a government that has to intervene in its own bond market to keep borrowing costs down is telling you something about the currency those bonds are denominated in.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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