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Peter Schiff, CEO and chief global strategist of Euro Pacific Capital, notes that despite a threefold increase in longer-term U.S. Treasury buybacks, yields are rising to new highs. The yield on the 10-year Treasury stands at 4.84%, while the 30-year yield has reached 5.3%.
Schiff points out that gold's $60 gain has been halved, and he argues that if traders fully understood the implications of these moves, gold prices would have continued to rise.
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In a recent note, Schiff highlighted the 30-year Treasury yield climbing above 5.3 percent as the U.S. national debt surpassed $39.9 trillion, up from $8.8 trillion in 2007. He has previously responded to scrutiny surrounding Euro Pacific Bank after its forced shutdown and receivership, urging a review of related allegations. Details on Schiff's comments about Treasury yields can be found here, while further background on the Euro Pacific Bank case is available here.