Daily Gold Market Report
U.S. Debt Interest Payments Surge Past $1 Trillion
Gold’s Role in Preserving Wealth
(USAGOLD – 11/8/2023) Gold is down this morning amid a lack of major, markets-moving news. Gold is trading at $1964.23 this morning, down $5.22. Silver is trading at $22.73, up 9 cents. The annualized interest payments have surpassed $1 trillion, a figure that has doubled in just 19 months Bloomberg reports. This estimate is based on the U.S. Treasury data, which includes the government’s monthly outstanding debt balances and the average interest rate paid. This situation has sparked discussions about the sustainability of the U.S. fiscal path, especially in light of heavy borrowing and the potential return of “bond vigilantes” — market actors who sell bonds in response to policies they consider irresponsible. The implications of this include a downgrade of U.S. government debt by Fitch Ratings in August.