In a comment that feels a little obvious and late to the party, analysts at JPMorgan have officially defined the unprecedented rally in gold and, to a lesser extent, Bitcoin. In a recent note, analysts at JPMorgan observed that retail investors have begun to feel FOMO (Fear of Missing Out) for alternative assets such as gold and cryptocurrencies—a trend they are calling the “debasement trade.” The bank explained that retail investment demand “reflects a combination of factors, which in our client conversations range from elevated geopolitical and policy uncertainty, to uncertainty about the longer-term inflation ... (full story)