Gold and silver have slid sharply from their January 2025 highs as markets price in tighter Fed policy, with gold down about 28% from its $5,600 peak and below $4,000/oz and silver down more than 50% from near $120 and under $59, according to CoinDesk, as investors reassess the 2025 “debasement trade.” Markets are pricing in two 25 bp rate hikes by March 2027 under new Fed Chair Kevin Warsh. Bitcoin has also fallen, trading below $62,000 and its ~200-week moving average (~$62,800), though it has gained about 30% versus gold and 55% versus silver since February.