Gold hit $4,700 per ounce on August 25, its highest in over three months, after the US Treasury Department announced it would double its debt buyback operations to $4 billion per operation. The precious metal has since dropped to $4,300 per ounce, erasing all its August gains and falling more than 8.5% from its local peak. Bitcoin, which had surged from below $65,000 to $81,500, is holding up better around $77,000, representing a 20% gain from its starting point. New Federal Reserve Chairman Kevin Warsh’s hawkish speech at Jackson Hole triggered a market reversal, with spot BTC ETFs recording more outflows than inflows over the past few business days.
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