Gold, silver and bitcoin tumble as debasement trade unwinds
Precious metals have fallen sharply from their 2025 highs as markets price in Fed rate hikes.
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Summary
- Gold has dropped 28% from its January 2025 peak of $5,600 per ounce, while silver has fallen more than 50% from its record high near $120.
- Bitcoin has gained roughly 30% against gold and 55% against silver since February, though all three assets continue to lag U.S. equities
- Markets are pricing in two 25 basis point rate hikes by March 2027.
