The Treasury Tried To Stop This And It Didn't Work | Gold Above $4,600
Aug 21, 2026 Market Updates and Analysis
A war didn't lift gold. The highest long yields in 19 years didn't sink it. And the US Treasury, which has spent decades promising to be predictable, surprised the market on purpose.
Gold finished the week above $4,600. US public debt passed $40 trillion for the first time. And Kevin Warsh gives his first Jackson Hole keynote as Fed chairman on August 28.
Gary Wagner, Ole Hansen and Thomas Kaplan each sat down with Jeremy Szafron this week. None of them spoke to each other. All three said a rule they had relied on for years has stopped paying.
IN THIS EPISODE
Gary Wagner of TheGoldForecast.com on why geopolitical risk stopped moving gold after forty years of doing exactly that, and the level he says decides the next leg.
Ole Hansen, head of commodity strategy at Saxo Bank, on AI borrowers competing with governments for the same lenders, and why roughly 70 percent of exchange copper is sitting in a country that consumes about 7 percent of it. The phrase that frames the whole week is his. Copper is a shortage of things. Gold is a shortage of trust.
Dr. Thomas Kaplan, chairman of the Electrum Group, NOVAGOLD and Sunshine Silver Mining and Refining, on why he calls this a 1987 moment, why he sees another tenfold in gold, and the warning he gave that had nothing to do with price.
Plus Treasury Secretary Scott Bessent on the buyback expansion, his call on oil, and the fiscal plan he says is coming.
CHAPTERS
00:00 The week nothing behaved
00:50 A war broke out and gold fell
02:40 AI borrowers versus your government
05:00 The Treasury stopped being predictable
07:20 Most of the world's copper is in one country
09:20 The level that decides it
11:20 Silver, and who got hurt
12:40 Why this is a 1987 moment
15:20 What Warsh walks into
COMING MONDAY
Barry Eichengreen on the dollar, central bank gold buying, and what the historical record actually says about reserve currencies that lose their grip. His new book is Money Beyond Borders.
#gold #silver #kitconews
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