Clive Maund Analyzes Treasury Yields, Gold, and Silver’s Next Moves

Veteran technical analyst Clive Maund recently discussed the Treasury market, precious metals, and broader financial instability in a Money Metals podcast. He highlighted that 10-year and 30-year Treasury yields have surged to levels not seen since 2002, pressuring gold and silver. Maund noted that yields are extremely overbought, suggesting a consolidation or correction may be imminent, which could ease pressure on precious metals.

Maund emphasized the structural issues in the financial system, particularly the U.S. national debt, which has reached roughly $40 trillion. He argued that the cost of servicing this debt, around $1 trillion per year, is creating debt saturation, forcing markets to demand higher yields. This situation leaves policymakers with limited options, either allowing yields to rise and risk market stress or continuing money creation, which erodes purchasing power.

Turning to gold, Maund identified a small head-and-shoulders top on the three-month chart, indicating a potential short-term pullback. However, he stressed that this does not signal a long-term top. He pointed to strong support around $3,900 to $3,950 per ounce, suggesting a buying opportunity if gold pulls back into that range. A decisive move above the former support level could signal a resumption of the uptrend.

The interview also highlighted silver’s long-term potential, with Maund citing a 45-year cup-and-handle pattern. Despite a recent decline, he viewed this as a normal post-breakout reaction and maintained a bullish outlook. Additionally, Maund discussed oil prices, suggesting a potential double top and a possible decline ahead of the midterm elections, which could reduce pressure on Treasury yields and support precious metals.