Debasement is back in focus. Here’s what’s driving it, what could reverse it and how we’re positioning portfolios for both scenarios.

Gold price swings in January highlighted volatility, not weakness. Strong demand, central bank buying and improving miner fundamentals continue to support a durable long-term bull market in 2026.

Corporate FRNs pay floating coupons tied to short-term rates plus a credit spread, offering higher yields with minimal interest rate sensitivity. T-bills are short, zero-coupon Treasuries.

BDCs and private credit funds finance middle-market firms but differ in access. BDCs offer liquidity and transparency; private credit funds are less liquid with limited access and longer lock-ups.