Precious metals have seen significant declines from their 2025 peaks amid expectations of Fed rate increases.
By James Van Straten|Edited by Cheyenne Ligon Jun 24, 2026, 1:48 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Silver (TradingView)SummaryShow- Gold has decreased by 28% from its January 2025 peak of $5,600 per ounce, while silver has plummeted over 50% from its record high near $120.
- Since February, Bitcoin has risen approximately 30% against gold and 55% against silver, although all three assets have underperformed compared to U.S. equities.
- Markets are anticipating two rate hikes of 25 basis points by March 2027.
Both gold and silver have experienced sharp declines from their peaks in January 2025, falling below important psychological thresholds. Gold has dropped around 28% from its January high of $5,600 and is currently trading below $4,000 per ounce, while silver has seen a decline of more than 50%, falling below $59 per ounce as of Wednesday.
This downturn is primarily fueled by increasing concerns regarding stricter monetary policies under the leadership of new Federal Reserve Chair Kevin Warsh. Current market expectations suggest two rate hikes of 25 basis points by March 2027, which would increase the federal funds rate to between 4.00% and 4.25%, reflecting renewed inflation worries.
This reversal signifies a notable departure from the prevailing macroeconomic narrative of 2025, known as the "debasement trade", which posited that ongoing fiscal deficits and escalating government debt would continue to devalue fiat currencies.
In contrast, Bitcoin largely remained stagnant throughout 2025, hovering around the $100,000 mark while gold and silver surged. This divergence led many investors to reassess Bitcoin's role in the debasement trade and question its effectiveness as a hedge against fiat currency depreciation.
Bitcoin has also continued to decline amid the broader market correction, now trading below $62,000, reflecting a 50% drop from its peak in October and falling beneath its long-term 200-week moving average of roughly $62,800.
Bitcoin Surpasses Metals but Trails Equities
A silver lining for Bitcoin supporters is that the cryptocurrency has outperformed both gold and silver since the ratios hit their lowest in February, gaining about 30% against gold and more than 55% against silver.
Nonetheless, all three assets have lagged behind U.S. equities in 2026, where the momentum is primarily observed in semiconductor and memory-related stocks.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, total exchange volumes decreased by 3.45% to $4.41T, marking the lowest level since September 2024. RWA perpetual futures volumes increased by 10.4%, achieving a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, total exchange volumes decreased by 3.45% to $4.41T, marking the lowest level since September 2024. RWA perpetual futures volumes increased by 10.4%, achieving a new all-time high.
Why it matters:
In May, total exchange volumes decreased by 3.45% to $4.41T, marking the lowest level since September 2024. RWA perpetual futures volumes increased by 10.4%, achieving a new all-time high.
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