Gold and Silver Rise as U.S. Debt Tops $40 Trillion and Treasury Steps Into Bond Market

Gold and silver moved higher last week, with silver closing at $68.81 per oz and gold finishing at $4,608 per oz, as investors focused on mounting U.S. fiscal pressures and developments in the Treasury market. The U.S. national debt officially surpassed $40 trillion, more than doubling since 2017, while rising interest costs continue to place additional pressure on federal finances. Against that backdrop, the Treasury announced plans to double buybacks of longer-dated government debt, initially pushing yields lower before the 10-year Treasury yield rebounded above its pre-announcement level by Friday. Treasury Secretary Scott Bessent defended the government's actions, discussed fiscal consolidation and argued that stronger economic growth can help address America's growing debt burden. Listen to last week’s market update to hear Bessent’s commentary on last week’s Treasury actions and what these developments could mean for the bond, gold and silver markets.