It has been more than two weeks since gold prices notched record highs, but the debasement trade that has played a key role in the precious metal's rally this year is alive and well. The long-term bull case for gold still rests on the "slow-burn debasement trade," driven by the world's "unease with perpetual deficits, rising interest costs and the creeping monetization of government debt," said Stephen Innes, managing partner at SPI Asset Management. The debasement trade refers to investors swapping fiat currencies like the dollar for assets like gold and bitcoin. Read: How one of 2025's most popular trades is ... (full story)