Debasement Trade Drives Copper to Historic High as Gold and Bitcoin Soar

Copper futures have hit their highest close in history at $6.71 per pound on Comex, driven by the debasement trade that's lifting metals and cryptocurrencies alike.

The US Treasury's decision to double its maximum bond buyback size to at least $4 billion has sparked concerns over dollar erosion, with the currency index sitting near three-month lows.

Critics see the expanded buyback program as stealth easing, which shifts pressure onto the currency. Gold and silver are rising in tandem, with gold trading around $4,666 an ounce and tracking its best month since 1999.

The largest cryptocurrency, Bitcoin, has also moved in lockstep with metals, trading near $78,900 and briefly topping $81,000 earlier on Tuesday.