This exposed the structural problems of the US fiscal system.GOLD (US$/OZ)TVC:GOLDHenry_ColvettIn the short term, expectations of Federal Reserve rate hikes remain a direct factor suppressing gold prices, while volatility in the bond market drives fluctuations in asset prices. However, the breakdown of the U.S. Treasury repo market and the continued surge in total debt have exposed structural challenges within the U.S. fiscal system. For investors, tracking the pace of U.S. debt expansion is more important than fixating on the tug-of-war over 25-basis-point adjustments in individual interest rate decisions. Short-term maneuvering around interest rates represents merely surface-level volatility; the underlying driver of long-term trends for safe-haven assets like gold is the risk to monetary credibility posed by debt expansion. Any future turbulence in the U.S. Treasury market will continue to ripple through commodities and global asset markets, warranting close and ongoing observation.