[SMM Precious Metals Express]

[SMM Daily Commentary: Silver Price Breaks Out Strongly Amid US Debt Buyback and Dollar Weakness] SMM, August 20: The expansion of US debt buyback operations drove yields lower, with the dollar posting its biggest drop in three weeks. Combined with heightened geopolitical risks, silver prices broke out to the upside. The spot market saw weak demand, with transactions concentrated at discounts, causing spot silver to struggle to catch up.

Ukraine’s Air Force stated on social media in the early hours of the 20th that Russia launched a new round of ballistic missile strikes against Ukraine, with missiles heading toward Kyiv. Around midnight, it warned multiple ballistic missiles were flying toward Kyiv via Chernihiv and Poltava regions. Several powerful explosions rocked Kyiv afterwards, causing a brief power outage in the Dnipro district, following two previous rounds of sustained heavy blasts. The air‑raid alert for Kyiv remains in place as of press time.

[SMM Precious Metal Express] The US Treasury announced it will at least double the size of long-term nominal Treasury repurchase operations, with a maximum single operation of at least $4 billion, effective September 9. Treasury markets rallied following the announcement, with long-term yields falling notably. The dollar index dropped as much as 0.85% intraday, its largest decline in three weeks, hitting its lowest level since mid-May. Precious metals rallied strongly, with spot gold breaking above the $4,500 level, gaining over $180 intraday to hit a new high since early June, closing up 4.35% at $4,523.03/oz. Spot silver closed up 5.80% at $67.01/oz.