What happened to Debasement trade - Gold, Silver, and Bitcoin The debasement trade was built on a simple thesis: large deficits, rising debt, fiscal dominance, inflation risk, and distrust in fiat should push capital into gold, silver, Bitcoin, hard assets, and non-dollar stores of value. That worked until the market repriced the opportunity cost of holding non-yielding assets. The Fed held the funds-rate target at 3.5%–3.75%, stated that inflation remains above its 2% goal, and emphasized price stability. At the same time, 10-year TIPS real yields were still high, around 2.29% on June 23, which is toxic for assets whose main appeal is scarcity rather than cash flow.(BloFin Research)