Gold and silver selloff drags bitcoin down as 'debasement trade' unwinds

A hawkish Federal Reserve and a stronger dollar are pushing gold, silver and bitcoin lower together as the 'debasement trade' -- the bet on scarce assets as hedges against currency erosion -- rapidly unwinds across markets.

• Gold dropped below $4,000 for the first time since November; silver has lost more than half its value from its high.
• Bitcoin slipped to nearly $58,000, down about 50% from its peak, tracking metals closely on the way down.
• New Fed Chair Kevin Warsh struck a hawkish tone; markets now price two quarter-point rate hikes by March 2027.
• A stronger dollar and higher real yields make non-yielding assets like gold, silver and bitcoin less attractive.
• The AI stock frenzy is pulling capital from both traditional safe havens and crypto alike.

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Last updated 28 Jun 2026