The big trade for retail investors right now is not in Opendoor or Palantir Technologies . It's something called the "debasement trade," according to JPMorgan. The bank defines it as a trade that "reflects a combination of factors, which in our client conversations range from elevated geopolitical and policy uncertainty, to uncertainty about the longer-term inflation backdrop, to concerns about 'debt debasement' due to persistently high government deficits across major economies, to concerns about Fed independence, to waning confidence in fiat currencies in certain emerging markets in particular, and to a broader diversification away from the US dollar." This trade is contributing to major gains in gold and bitcoin — while denting the dollar. Gold futures have soared about 48% this year to

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