Silver trades to $50 an ounce(investinglive.com)

   1.  Divergent market signals
   •   Gold has surged (~50 %+ over the past year) and the dollar has weakened, suggesting investor fears that governments may resort to inflation (i.e. currency debasement) to ease debt burdens.   
   •   But bond markets—especially through long-term inflation expectations embedded in yields and inflation swaps—are relatively steady and show little sign of expecting runaway inflation.

   2.  Why the disconnect?
   •   The article posits that different investor motivations may be in play. Gold’s rally might be driven not purely by inflation fears, but by geopolitical risk, central bank reserve behavior, and rate cuts/expectations of falling yields.   
   •   Meanwhile, bond investors appear anchored by beliefs in central bank discipline, moderate inflation, and weak job growth, which limit inflationary pressure in the view of bond markets.

   3.  Longer-term concerns still loom
   •   Over the long haul, the mismatch between rising debts, low taxation, and persistent spending may force a reckoning: either austerity or inflation. The article suggests many politicians will prefer the inflation route.   
   •   But for now, that outcome seems distant. Bond markets are not pricing in that scenario imminently.

   4.  Possible scenarios ahead
   •   If economic growth maintains momentum and the recent softening in jobs is transitory, the Fed might reverse course—undoing rate cuts or raising rates. That could challenge gold, stocks, and bonds alike.   
   •   Only if policymakers allow inflation to run unchecked (or effectively “print money”) would the “debasement trade” fully materialize.