The Secret Mechanics behind the Debasement Trade Unwind...

👉 On Substack? Visit - https://research.santiagocapital.com 👉 Shop Individual Macro Research Reports - https://santiagocapital.com/shop Six months ago we said the debasement trade isn't wrong, it just never pays in a straight line. This episode is the proof: the dollar nearly everyone shorted ripped to a 13-month high while gold, silver, copper and crude all got taken apart. We break down why a reserve asset like gold gets sold in a scramble, how a rising dollar drains the whole trade, and why the long-run case survives even when the drawdowns are brutal. All this and more on this week's episode of Milkshakes, Markets, & Madness. MMM Episode 173 (June 28, 2026)