Treasury's ramped-up bond buybacks soften the U.S. dollar and boost the gold price – Julius Baer

The U.S. Treasury’s plan to double debt buybacks has reignited debate over potential bond-market intervention and has revived the “USD debasement” trade. Analysts at Julius Baer say renewed attention on the U.S. fiscal position has been supportive for gold and silver. Net impact is cautious for rates/FX positioning as investors weigh fiscal concerns against the buyback announcement.