In this market update, Jim Iuorio of JI Financial Strategies breaks down the fundamental factors driving gold’s recent breakout from the $4,000 consolidation level. After a steep 26% pullback from its January highs, gold spent six weeks range-bound before a major geopolitical catalyst shifted the narrative. Iuorio explores the potential hidden motives behind the U.S. Treasury’s coordinated currency intervention with the Bank of Japan. He questions whether the move was simply an act of goodwill toward Japan, or a calculated effort to prevent the BOJ from liquidating a portion of its $1.1 trillion in U.S. Treasury holdings to support the yen. With the Treasury market already facing massive supply challenges and 10-year yields climbing from 3.95% in March to recent highs around 4.75%, the prospect of a major seller entering the market is a significant concern for long-term bond demand. How does this impact the precious metals market?