In 1789, as the fledgling United States struggled to find its financial footing, Alexander Hamilton, the first Secretary of the Treasury, made a bold declaration: “A national debt, if it is not excessive, will be to us a national blessing.”
Hamilton’s vision was clear—debt, when managed wisely, could be a tool to build a nation. But what happens when that debt grows unchecked, and the buyers who once eagerly financed it begin to step back?
Fast forward to today, and the U.S. finds itself at a crossroads Hamilton could scarcely have imagined. The world’s deepest and most liquid bond market is showing cracks, and the tremors are being felt far and wide. In just a few days, yields on U.S. 10-year Treasuries surged by 60 basis points—a move that would typically signal a crisis, a war, or a central bank shock. But this time, there was no fire alarm, no panic headline. Just a sharp repricing of risk.
The question is: Why now? And what does it mean for the future?
A Yield Spike Without the Usual Suspects
The recent surge in Treasury yields has left many scratching their heads. There was no major selling from China, no sudden flood of new debt issuance from the U.S. Treasury. Yet, the market buckled. Why?
Because markets are forward-looking, and they see what’s coming.
The debt ceiling, which had acted as a temporary brake on Treasury issuance, has been lifted. In Q1 2025, the U.S. borrowed just $2 billion from the public—a stark contrast to the $262 billion issued in October. This wasn’t fiscal prudence; it was a legal constraint. Now, with that constraint gone, a tidal wave of new debt is about to hit the market.
Gold at Costco? It’s Worth Asking a Few Questions.
We’ve all seen the ads—gold bars sold alongside groceries and gadgets. But gold has always stood for independence, a hedge against the system. So, is there a contradiction in buying it from the very corporations that thrive on data collection and centralized commerce? In our latest video, we explore what’s really at stake—and why how you buy gold matters just as much as why you buy it.
About the author
David Russell
GoldCore
David is the CEO of GoldCore.
Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding.
David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020.
Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications.
"Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments."
When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice.