Gold is surging again, Bitcoin is back in favor and the dollar is weakening. Suddenly, chatter about the debasement trade is back.

Scott Bessent's announcement this week that the US Treasury will step up its bond repurchases in a bid to bring long-term yields lower sparked a new round of dollar selling.

The move signals renewed concern about fiscal sustainability and currency debasement, driving investors toward hard assets. Gold prices climbed while Bitcoin rallied alongside, reflecting growing appetite for alternative stores of value.

Markets are watching closely as the Treasury's intervention could reshape yield curves and dollar dynamics in coming months.