The debasement trade is back on. On August 19 the Treasury announced it would at least double the size of its liquidity support buyback operations, taking the maximum from $2bn to at least $4bn. Bessent then told CNBC the operations could run larger than $4bn. The part that matters came this week. Senior Treasury officials confirmed that the Treasury General Account, with over $900bn, is available to fund the purchases. Funding buybacks with bill issuance is a maturity swap. Drawing down the TGA is not. This puts cash back into the system while the Treasury buys the long end. Markets have reacted to this accordingly, with gold up above $4,600 and Bitcoin up around $80k. Our systems were positioned for it. Our gold system exited in March, re-entered 5% lower, and is now up over 5% on the position. Our Bitcoin system also caught the move off the lows. Up over 15%. No forecasting required. The systems follow price, not narrative. If you were sidelined for this and need help managing risk, head over to https://t.co/89tCJ7V0oW. #DebasementTrade #InflationHedge #Gold #Bitcoin ethereum:0x68749665ff8d2d112fa859aa293f07a622782f38 bitcoin:native