Interview on ‪@AsharqBusiness‬ on August 24th, 2026

The bond market does not negotiate. There is an old rule that every Treasury secretary eventually learns the hard way: you can influence prices for an afternoon, but you cannot repeal arithmetic. Scott Bessent is now testing that rule in real time, throwing buybacks at the long end of the curve in the hope of talking yields down. History suggests his interventions are likely to fail, because the forces pushing yields higher are structural, not sentimental. A widening deficit, sticky inflation and a wall of new issuance cannot be absorbed by operations measured in billions when the problem is measured in trillions. Meanwhile the Fed is caught in a vice. Oil back above 100 dollars is reigniting inflation just as the political pressure to ease intensifies, and every attempt by the Treasury to artificially cap long rates makes the central bank's credibility problem worse. When fiscal policy and monetary policy start working against each other, investors notice, and they act. That is precisely why gold remains my conviction. Not because of war headlines, but because America's debt has now blown past 40 trillion dollars and is compounding faster than at any point in history. A government forced to buy its own bonds while its debt grows by a trillion in a matter of months is making the case for gold better than any gold analyst ever could. The market will have the final word. It always does.