Gold Jumps 7% to $4,730; Bitcoin Rises 24% to $80,000

Gold prices increased by nearly 7% to around $4,730, and Bitcoin surged 24% to nearly $80,000 following Treasury Secretary Scott Bessent's announcement to double buybacks to $4 billion. This policy move indicates an effort to stabilize rising yields in the bond market. Additionally, the Treasury General Account (TGA) is expected to be tapped, with estimates around $950 billion. These developments may urge investors to consider scarce assets like gold and Bitcoin as alternatives to traditional Treasury holdings, reflecting a shift in market dynamics.