US Debt Tops $40 Trillion, Gold and Bitcoin Prices Soar

Concerns about the US national debt have sent gold and bitcoin prices surging. The US debt has surpassed $40 trillion, causing investors to seek diversification beyond government bonds.

Campbell Harvey, a professor at Duke University's Fuqua School of Business, said 'people are looking for diversifiers other than government bonds.' Gold is at the top of that list.

Gold prices have risen over 14% in the past month, compared to just over 3.5% for the S&P 500 index.

The World Gold Council's Joseph Cavatoni said 'the fundamentals of what continues to drive gold higher on the long-term trajectory' include debt levels and the need for people to preserve wealth over time.