macro

Every $4,000 rise in gold allows $1 trillion more for U.S. TGA buybacks, Luke Gromen notes - Traders Union

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DW NOTE

Luke Gromen's calculation runs like this: the Treasury General Account holds $560 billion, and every $4,000 gold adds $1 trillion in revaluation headroom for the Fed's 8,133-tonne hoard. Gold is at $4,681 today — 12% below January's peak but up 54% year-on-year. The arithmetic works if you believe the Fed would ever mark to market and monetise, which it won't until it has to. The tell will be whether Treasury burns through the TGA faster than gold climbs.

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Every $4,000 rise in gold allows $1 trillion more for U.S. TGA buybacks, Luke Gromen notes - Traders Union

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