business π Fed Chair's speech could reshape gold's future
Gold is heading into Fed Chair Kevin Warshβs Jackson Hole speech on Friday, Aug. 28, with investors focusing on the Fed-Treasury boundary, not just rate hikes. The rally has been fueled by Treasury's bond buybacks, but fiscal credibility concerns are also key drivers. Warsh could signal accommodation, market discipline, or strategic ambiguity regarding policy coordination. Only a clear defense of monetary independence directly challenges the rally's fiscal pressure assumption. This sets up an asymmetry where only one outcome truly threatens the current gold thesis. πͺ