Bitcoin and Gold Are Surging Together: The 'Debasement Trade' Is Back

Bitcoin and gold rallied together as volatility returned across markets, with bitcoin rising about $15,000 in roughly 48 hours before stalling around $80,000, while gold climbed to nearly $4,600 per ounce. The Kobeissi Letter said the pattern may reflect renewed demand for “scarce assets” as protection against currency debasement, especially after both had struggled at different points in 2026. The article compares levels: gold slipped below $4,000/oz after peaking near $5,600 in January, while bitcoin was rejected at $97,000 in January and fell to under $58,000 by July 1 before breaking higher. It links the timing to U.S. Treasury actions—Scott Bessent said the government would at least double purchases of long-dated debt, boosting buybacks of 10-to-30-year securities to $4 billion per operation or more.