U.S. Debt Passes $40 Trillion, Reigniting Gold Rally Toward $4,700

U.S. federal debt crossed $40 trillion as Treasury buybacks expanded (Global X ETFs, Aug. 25). The milestone revived the debasement trade — favoring hard assets over fiat currencies — pushing Comex gold to $4,640.80, up five straight weeks and more than 5% (CNBC). The $40 trillion figure matters: markets are betting fiscal deterioration will constrain the Fed's options regardless of its tightening posture.