Gold Hits Highest Level In Three Months As Traders Worry About Us Inflation And Bond Market Jitters – Business Live
Spot gold touches almost $4,700 an ounce and Bitcoin tops $80,000 while oil prices fall despite threat of heavy US sanctions on Iran and any country trading with it
Scott Bessent’s attempt to calm the bond markets and push down America’s cost of borrowing have attracted a rebuke from the US Treasury secretary’s former mentor.
Billionaire investor Stanley Druckenmiller, who worked with Bessent at George Soros’s fund management firm in the 1990s, has warned that his former pupil is courting danger by trying to suppress US bond yields.
Governments defending prices against fundamentals always lose. The only variable is how much they spend before conceding.
The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the US has left. Neither party will run on entitlement reform. Both have spent the past decade expanding commitments while ignoring arithmetic.
The market’s verdict was swift and correct: This wasn’t liquidity management, it was price management – and a mistake far larger than $4bn suggests.
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