Treasury's Six-Week Yen Blitz Drives Gold Prices Higher

The Japanese yen has been making headlines in recent times due to several significant events and announcements by the US Treasury. In just six weeks, there have been six major moves made by the Treasury, including a Fed facility limit that remains unraised. Additionally, the Treasury Secretary has referred to himself as 'the house' on the yen.

This unusual phrase is not a metaphor but an actual reference to the Treasury's actions on the yen. According to GBI's chief economist, the moves made by the Treasury are pushing gold prices higher. The economist suggests that gold does not need a rate cut but rather what the Treasury is already doing.