The US Treasury is stepping in again to hold down borrowing costs, which is bad for the dollar and for bond holders, and good for gold.

• Treasury Secretary Bessent doubled bond buybacks, but yields jumped right back up within hours.
• He is now reportedly weighing use of the government's checking account — potentially a trillion dollars — to buy back bonds directly.
• That account pays Social Security, debt interest, and federal salaries, so draining it invites a cash crunch and a new crisis at the next debt ceiling fight.
• The real cause is spending that keeps rising, which means more bonds sold into a market that already does not want them.
• Gold is above $4,700 an ounce and up nearly 9% this month as central banks worry the dollar can be weaponized against them, as it was with Russia and Iran.

Outlook: If the Treasury keeps intervening instead of cutting spending, gold likely pushes toward $5,000 and foreign buyers keep stepping away from US bonds.