Exchange-traded funds have long given investors convenient access to some of the world's most valuable commodities, primarily gold and silver. Both metals dominated headlines amid what many market participants call the "debasement trade." Major gains for gold ETFs and silver ETFs in 2025 reflect rapidly rising interest from investors, traders and speculators.
The debasement trade reflects a view that persistent fiscal deficits, heavy government borrowing and accommodative monetary policy will erode the purchasing power of the U.S. dollar over time, pushing investors toward hard assets perceived as resistant to inflation and currency dilution.
