[Bessent's Treasury operations](https://www.marketwatch.com/story/why-bessents-treasury-operations-have-breathed-life-back-into-the-gold-trade-d0a8419e?mod=mw_rss_topstories) just signaled a pivot from rate defense to curve management — that's a regime shift for real money. Gold is the reciprocal of the dollar, and when Treasury starts buying long bonds to cap yields instead of letting rates clear, you're implicitly devaluing the greenback. The consensus already sees this.

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