The US government has started buying back its own bonds because foreign buyers are walking away — bad for the dollar, good for gold and silver.

• China and Japan each sold roughly $26 billion of US government bonds in June, pushing China's stash to its lowest since 2008.
• Treasury Secretary Scott Bessent doubled the size of bond buybacks, meaning Washington is now propping up its own debt market.
• The buybacks are funded by issuing more short-term debt — so the debt pile and inflation pressure both get worse.
• The dollar fell to a three-month low on the news, making imported chips, steel, and copper more expensive for the AI buildout.
• Gold and silver surged as central banks keep stacking bullion instead of Treasuries.

Outlook: Long-term yields may stay calm for a few weeks, but the pressure points back to a weaker dollar and higher gold prices.