Video News/In Focus with Jeremy Szafron

(Kitco News) - Gold can revisit $5,000 an ounce before year-end despite 30-year Treasury yields climbing to their highest levels since 2007, a headwind that would normally weigh heavily on the metal, according to Ole Hansen, Head of Commodity Strategy at Saxo Bank. Speaking with Kitco News, Hansen said gold first needs to reclaim its 200-day moving average near $4,500 to open the door to $5,000, and pointed to a mounting US debt burden, which passed $40 trillion, as the reason investors are demanding a premium to hold long-term government paper. He argued that Asian buyers and central banks have continued accumulating gold regardless of yields, unlike Western investors who remain sensitive to funding costs. Turning to base metals, Hansen described a severe copper squeeze in which roughly 70% of exchange-held copper now sits in the United States, stranded ahead of unresolved tariffs, tightening supply for the rest of the world. He framed the broader picture as copper facing a shortage of physical material while gold reflects a shortage of trust, which is why both can rise at once.