Structural Trends Initiated for Gold and Silver! Goldman Sachs: US Treasury Buybacks Doubled to Cut Yield Brake and Spark Depreciation Trades

Jeffrey Currie, former head of commodity research at Goldman Sachs, recently highlighted on the X platform that the current macro market environment is marked by a "structural devaluation trade." Physical scarcity is contributing to increased commodity prices, while financial repression—through artificially low long-term bond yields by the U.S. Treasury—is exerting additional pressure. This dual force has made commodities essential for hedging against both scarcity premiums and currency depreciation. Currie also observed that typically, rising commodity prices would lead to higher U.S. Treasury yields during a normal market cycle.