Gold, silver, miners surge as Treasury doubles buybacks

Gold and silver surged after the US Treasury unexpectedly said it would at least double buybacks of long-dated government debt, a move that pushed Treasury yields lower and weakened the dollar. Spot gold rose 3.46% to about $4,484/oz and silver gained 3.33% to roughly $65.44/oz. The decline in the 10-year and 30-year yields reduced the opportunity cost of holding precious metals, while the weaker dollar improved demand conditions. Gold miners outperformed the metals, with GDX up 8.8%, Agnico Eagle up 8.85%, and Barrick up 7.66%, highlighting leverage to the underlying rally. The article frames the Treasury action as a key macro catalyst, with investors watching whether buybacks can sustainably suppress long-end yields or simply trigger short-covering. Near term, the policy surprise is clearly bullish for gold, silver, and mining equities.