Debasement Trade Gains Ground as Nations Reassess Dollars, Bonds, and Gold - Medium
Debasement Trade Gains Ground as Nations Reassess Dollars, Bonds, and Gold - Medium
Source: Medium
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DW NOTE
The phrase "debasement trade" implies a speculative reshuffling. What's happening is simpler: central banks bought 483 tonnes of gold in H1 2026 while the US ran a $1.4 trillion deficit through June — 3% worse than last year despite sharply higher borrowing costs. When sovereign buyers treat your reserve asset as a liability to diversify away from, that's not a trade. That's a balance sheet reckoning.