Gold has crossed $4,400 an ounce, silver is at record highs, and central banks are buying bullion faster than at any time since the 1950s. Traders call it the debasement trade. The idea is that major currencies, especially the dollar, are losing their power. And when the world’s reserve currency is losing power, only a few hedging options exist. But this trade is also about the uneasy link between government debt, political pressure, and the value of paper money. The new rush into gold, silver, and even Bitcoin shows that confidence in central banks is no longer taken for granted. A modern gold rush with ancient ... (full story)