The Treasury just shocked the world by admitting they underestimated borrowing requirements by hundreds of billions of dollars for the 17th time in as many quarters, give or take. The response? Fitch downgraded Treasury debt and long-term rates jumped about 20 basis points. Typically, on this kind of move in bonds, gold and silver sell off as banks balance their books, but not this time. The metals hold their ground as interest rates test new highs.
And of course, the honest people at the Treasury are just doing the best they can at estimating debt requirements. But maybe…maybe they’re just…not that bright?
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