Gold Hit a Three-Month High. Silver Hit a Two-Month High. One Story Connects Them.

Gold reached its best level since May and silver hit a two-month high, even as US growth data came in hot. Washington spent the week trying to force long-term interest rates down. That attempt failed, and the cost landed on the dollar instead. Five developments explain why both metals climbed.

The National Debt Hit $40 Trillion. Jefferies Just Turned Bullish on Gold.

The national debt crossed $40 trillion on August 18, five months after it crossed $39 trillion. Three days later Jefferies turned bullish on gold and named the fiscal arithmetic, not the Fed, as the reason. Here is the mechanism, and the one number almost nobody is quoting.