Precious Metals Rally as US Treasury's Buyback News Boosts Gold, Silver, and Platinum

The US Treasury's recent buyback news has triggered a broad precious-metals rally, pushing gold above its mid-year low and signaling a potential end to its downtrend. As forecasted, gold, silver, and platinum have all rebounded from their mid-year bottoms, with miners leading the charge and surging more than 40% since bottoming.

The dollar's fall below its 200-day moving average has contributed to this rally, while oil is testing the upper boundary, which could lead to higher inflation and upward pressure on long-term Treasury yields. Bitcoin initially surged on the back of the Treasury buyback news and then accelerated higher during a bullish White House crypto event, resulting in massive short covering.

AG Thorson, a registered CMT and expert in technical analysis, notes that while the uptrend is resuming, it may take time for gold to sustainably reclaim $5,000 and silver to move back above $100. He expects both metals to make new all-time highs next year, with miners likely leading the way.