Jerry noted the real swing factor could be the long end of the yield curve. If rising debt pushes long-term yields higher and the Fed has to step in, gold could climb well past today’s levels. He also pointed to the weaponization of the dollar and the pressure from tariffs as forces strengthening gold’s outlook.

As the calendar turned to September, gold climbed past $3500 an ounce, continuing its long rally.

Jerry explained that investors are scrambling to buy equity ahead of a possible government exit, which could send more profits back to shareholders.