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July U.S. Bond Auction Lifts Rates, Cool Fed-Hike Bets

8/15/2026

43 7 Full Breakdown

Summary

Story summary

The July U.S. bond auction yielded a rate above inflation, reducing expectations for Federal Reserve rate hikes.
Silver rose 11% in ten days to about $65.32 an ounce.
Gold at $4,379 corresponded with a gold-silver ratio of 67.0 on August 5, down from 69.1.
Metals Focus and the Silver Institute project a 2026 supply deficit of 46.3 million ounces, marking the sixth consecutive year of flat mine output.

History

Historical Context

On August 15 1971 President Richard Nixon, advised by Treasury Secretary John Connally and Fed Chair Arthur Burns, closed the dollar’s gold convertibility, ending the Bretton Woods system. The move spurred Treasury bond auctions that lifted yields by 150 basis points to 7.5 % in 1972, stoking inflation expectations. Today the Silver Institute cites a 46.3-million-ounce supply gap and a gold-silver ratio under 70, echoing those 1970s pressures.

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Story summary

The July U.S. bond auction yielded a rate above inflation, reducing expectations for Federal Reserve rate hikes.
Silver rose 11% in ten days to about $65.32 an ounce.
Gold at $4,379 corresponded with a gold-silver ratio of 67.0 on August 5, down from 69.1.
Metals Focus and the Silver Institute project a 2026 supply deficit of 46.3 million ounces, marking the sixth consecutive year of flat mine output.

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