Gold Prices Soar as Bessent's Treasury Interventions Spark QE Fears

ByteTree's Charlie Morris says that U.S. Treasury Secretary Scott Bessent's interventions amount to quantitative easing (QE), which has driven up gold prices. He believes that 'gold is the must-have asset' due to its value relative to debt.

Morris points out that the world's above-ground gold supply has kept pace with the total outstanding U.S. debt over a century, but the gold price has had to make up for it due to the limited 2% annual growth of gold supply.

He notes that gold's value relative to debt was high during previous economic crises, including the Great Depression and the Credit Crisis, and is currently at an all-time high. Morris also says that central banks are buying gold because it is a 'long-term store of value with limited supply.'