U.S. Debt Hits $40 Trillion, Gold Rallies on Debasement Fears

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