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Gold climbs over $4,000; silver, bitcoin surge as 'debasement trade' flight to havens continues
Gold climbed to new records on Wednesday as silver and bitcoin continued a run higher. Investors are looking for hedges against mounting government debt and a broader shift away from fiat currencies toward what some analysts have dubbed the "debasement trade." Gold futures blew past $4,060 per troy ounce to touch a fresh record, while silver futures climbed to $48.70, their strongest level in years. Meanwhile, bitcoin sat near $123,000, hovering just below Monday's record near $125,790. The moves reflect a continuation of the so-called debasement trade, in which investors pour into hard assets and crypto to hedge ... (full story)
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