Gold ETF Outflows Mount as Debasement Trade Fades Amid Stronger Dollar

Investor interest in gold and bitcoin as dollar-debasement hedges has collapsed, with both gold and bitcoin ETFs posting outflows for two straight weeks through May 28. The shift follows a heated May 25 debate between Peter Schiff, who favored tokenized gold, and Cathie Wood, who defended bitcoin, plus Anthony Pompliano’s May 26 pitch for both assets as fiscal hedges. Spot gold traded near $4,529/oz and BTC near $76,800 during the debate but faced subsequent selling pressure as the trade-weighted dollar rose about 1% and geopolitical tensions eased. Media mentions of the “debasement trade” plunged from 502 articles in October to just 34 in May, signaling a broad retreat in positioning.