Jul 1, 2026 – 4.07pmArguably the most dominant trade in financial markets over the past two years has been loading up on precious metals and cryptocurrencies to hedge against the greenback.The so-called debasement trade generated a windfall for investors as gold, silver and bitcoin roared to record levels, while the US dollar plummeted as markets questioned its status as the global reserve currency against a backdrop of huge US deficits, elevated debt and loose monetary policy.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles