تحليل التحليل الفني Swissquote حول PAXG في رمز في 10‏/10‏/2025

In 2025, the best-performing assets are not tech stocks or sovereign bonds, but gold, silver, Bitcoin, and Ethereum. This striking fact reflects a much deeper trend: the powerful comeback of the “debasement trade” — the bet on the devaluation of major currencies. Amid soaring public deficits, record debt levels, and increasingly accommodative monetary policies, more and more investors are questioning the ability of leading economies to preserve the value of their money. The term “debasement” originates from the era when monarchs reduced the precious metal content of their coins — an early way to create money at the expense of those who held it. Today, the mechanism is different, but the logic remains the same: governments finance their spending through debt, which central banks ultimately absorb indirectly. The result is expanding money supply, eroding purchasing power, and waning confidence. In this environment, a trade has emerged — selling or avoiding fiat currencies in favor of real and scarce assets. Bitcoin and Ethereum benefit from their algorithmic scarcity; gold and silver, from their historic role as stores of value. This movement is not merely defensive; it signals a paradigm shift. Investors are seeking assets uncorrelated with sovereign debt — instruments that can preserve wealth in a world of ever-expanding public balance sheets. In other words, it is less about speculation and more about insurance against monetary erosion. In the short term, this “debasement trade” supports precious metals and cryptocurrencies. But in the medium term, it conveys a more troubling message: a structural loss of confidence in fiat money. As long as governments postpone fiscal adjustments, demand for these alternative assets is likely to remain strong. Ultimately, 2025 confirms a truth many preferred to ignore: when money weakens, investors turn to what cannot be printed. 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