Follow The Cash – It’s Called Checkbook QE
Inside Today’s Issue
Essay: The Most Famous Gold Chart This Year
The Crowd-Out Of Data-Center Spending
Another Nvidia Circular Funding Deal
AI Has Not Yet Reduced Inflation
Chart Of The Day… Gold
Today’s Mailbag
Editor’s note: Today, Porter turns the Journal over to his friend Marin Katusa, of Katusa’s Resource Opportunities – who shares the latest opportunities related to gold.
The Fed didn’t print a dollar, and gold had its best month in 27 years.
The Federal Reserve’s balance sheet didn’t move an inch this month, and gold still had its best month since 1999.
If that sounds backwards, you’ve been watching the wrong building.
On August 19, the U.S. Treasury announced it would double its buybacks of long-dated government debt, from $2 billion an operation to at least $4 billion. Treasury Secretary Scott Bessent calls it a “Treasury Twist.”
Then on Monday, August 24, two senior Treasury officials told CNBC where the money could come from: the government’s own checking account at the Fed. Bessent has built it to roughly $950 billion. The last Treasury ran it at $550 billion to $600 billion.
Follow the cash…
