US Debt Nears $40 Trillion, BofA's Hartnett: Going Long Gold Is the Best Move Now

US Treasury debt is approaching the $40 trillion mark, and BofA's Hartnett believes "going long gold" is the best option at present—gold is the best hedge against dollar depreciation, bond market collapse, and political risks. Meanwhile, the AI financing frenzy has driven corporate bond supply up 61% year-over-year, structurally crowding out Treasury buyers, with debt interest payments already reaching $1.4 trillion. Hartnett warns that the November election outcome will be the biggest variable determining market direction at year-end.