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Treasury buybacks funded through the TGA could matter less as a headline liquidity event than as a test of market depth. With the account near $935B and the per-operation cap raised from $2B to at least $4B, execution may improve demand at the long end while releasing some near-term liquidity. The distinction is important: this is not Fed QE, and it cannot erase the pressure from deficits, issuance or inflation. My read is that gold and BTC would respond more sustainably to a credible final scale that lowers long yields than to the announcement alone. Not advice, just analysis. #TreasuryEyesTGABuybacks