Gold, Bitcoin Surge on Concerns Over Global Debt Pile

Growing fiscal concerns in some of the world’s biggest economies are adding momentum to a so-called “debasement trade,” as investors flock to the perceived safety of Bitcoin, gold and silver while pulling away from major currencies.

The yen tumbled on Monday as pro-stimulus lawmaker Sanae Takaichi was set to become Japan’s next prime minister. French bond spreads blew out and the euro slid after the prime minister resigned, hurling the country into another political crisis. The dollar, which has weakened about 30% against Bitcoin this year, remains under pressure as the US government shutdown drags on. The euro has its own problems with fresh political uncertainty brewing in France.