Yield Curve Control And Precious Metals

One year ago in this space, we wrote that Yield Curve Control was coming in 2026. With the latest developments, it's clear that the age of Yield Curve Control is here, and this will have a dramatic impact on the precious metals in the months and years to come.

Let's start with a link to the post we wrote in early September of 2025. Maybe you should start this week by taking a few minutes to review it here.

Here's the key takeaway from that post:

Gold And Silver Price Outlook

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Gold And Silver Prices Under Yield Curve Control

On Wednesday of last week, the U.S. Secretary of Treasury announced this - view full announcment.

What followed was a wrongheaded discussion of whether or not this new plan to cap long-term interest rates was Quantitative Easing. Whether it's QE or not hardly matters. Instead, and far more importantly, Bessent's announcement is the first move by the U.S. to cap and manage long-term rates. And what do we call that? Yield Curve Control.

Then today (Monday), it was further announced that the Treasury might use up to $950B in surplus cash to fund additional long-term buybacks. I found this flowchart on X, and it provides a helpful explanation of the proposed process.

How TGA-Funded Treasury Buybacks Work

Treasury Buybacks And Long-Term Interest Rates

Note that the creator of the flowchart felt compelled to add the "not QE" thing at the bottom. And he's right. This is not new cash or liquidity creation. Instead, it's a move to deploy existing or soon-to-be-raised cash for the purposes of capping yields on the long end. Not QE, but YCC.

What's the difference? QE is limited. YCC is not. QE is liquidity. YCC is the permanent installation of negative real interest rates. QE is not always bullish for the precious metals—see 2013-2014. YCC is going to be wildly bullish for the precious metals.

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Negative Real Interest Rates And U.S. Debt

As we wrote last week, total U.S. debt now exceeds $40T and the monthly cost of servicing that debt now soaks up over 60% of monthly personal and corporate tax receipts. The only way forward in managing this worsening crisis is through direct intervention in the treasury market, and it's clear now that the decision has been made for this path forward.

Physical Gold And Silver Investment

Negative real interest rates and endless currency devaluation is the only remaining strategy for managing the exponentially growing level of debt. Your best protection against this madness is the accumulation of physical gold. The events of the past week should encourage you to add to your stack.

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