Christian Briggs says rising U.S. debt could lift gold demand

Economist Christian Briggs warned on NTD News that Washington’s spending path could test investor confidence in U.S. Treasuries within the next four to six years, pushing borrowing costs higher and boosting demand for gold. He said the bigger problem is federal spending, not the size of the debt alone.

Why it matters: - Christian Briggs argued that rising U.S. debt could move from a Washington budget issue into a broader market problem if investors start demanding higher compensation to finance federal borrowing. - Higher Treasury yields could raise borrowing costs for mortgages, business loans and other credit across the U.S. economy. - Briggs said weakening confidence in government debt could also increase demand for gold as a reserve asset.

What happened: - Christian Briggs, economist and CEO of Hard Asset Management, joined NTD News to discuss the U.S. debt outlook and the risk tied to persistent deficit spending. - Briggs said the national debt is approaching $40 trillion and warned that Washington may have a limited window to change course. - The full NTD News interview is available on YouTube.

The details: - Briggs said the U.S. is not insolvent and still has a large economy, significant assets and the ability to service its obligations. - He said the bigger issue is the continued accumulation of debt through annual deficits. - Briggs described the U.S. problem as spending, not revenue. - He pointed to waste, fraud and inefficiency in Medicare, Medicaid and Social Security as areas where spending could be reduced. - Briggs said the goal should be to protect legitimate benefits while cutting unnecessary federal borrowing. - He estimated the country may have four to six years for meaningful reforms before debt-service costs and investor concerns become harder to manage. - Briggs said higher demand from Treasury investors for better returns would make federal borrowing more expensive. - He warned that refinancing trillions of dollars of debt at higher rates could consume a larger share of government resources. - Briggs said continued deficit spending and rising borrowing costs could add pressure to inflation and the purchasing power of the U.S. dollar. - He said the next administration after the 2028 presidential election could inherit a more difficult fiscal environment if reforms are delayed. - Briggs said tariff revenue could help the fiscal position but would not solve the debt problem on its own. - He said a durable fix would require Washington to address the structural imbalance between spending and revenue.

Between the lines: - Briggs is framing the debt debate as a confidence problem, not just a balance-sheet problem. - His warning suggests markets may respond gradually before any acute stress appears, which could leave policymakers with less room to maneuver later. - The gold call reflects a broader view that investors and central banks may keep diversifying away from government-issued assets if fiscal strain grows. - Briggs said central banks have continued accumulating gold while seeking diversification in their reserves. - He said gold could rise to $5,000 to $6,000 per ounce, and possibly higher, if confidence in paper assets weakens.

What's next: - Briggs said the key question is how long investors will keep financing expanding federal debt on favorable terms. - He argued that lawmakers can still reduce waste, control spending and improve fiscal credibility before markets force a sharper adjustment. - Delaying action could make the eventual policy response more painful if borrowing costs rise sharply. - Briggs also identified recent tariff rulings and tariff policy as another factor that could affect federal revenue, though he said spending remains the main challenge.

The bottom line: - Briggs’s core message is that U.S. debt is manageable for now, but confidence can erode before a crisis arrives, and that could push investors toward gold.