Copper futures settled at a record $6.71 per pound on Comex on Tuesday, up roughly 1.6%, as a supply squeeze combined with a broader debasement trade. The trade describes investors moving into scarce assets on concerns that U.S. debt management will weaken the dollar, lifting copper, gold, silver and Bitcoin together. London Metal Exchange stockpiles fell 14% since late July to 214,550 tonnes, while Chile cut its output forecast for a second consecutive quarter and an outage at Indonesia’s Gresik smelter tightened supply. The monetary backdrop has since become the main driver: the U.S. Treasury doubled its maximum bond buyback size to at least $4 billion from $2 billion, a move critics view as stealth easing that could pressure the currency. The dollar index is near three-month lows after its third losing week in four. Gold traded around $4,666 an ounce and is on track for its best month since 1999, after rising for five straight weeks and gaining more than 5% last week. Silver held near $69, while Deutsche Bank analyst Michael Hsueh sees gold reaching $4,800. Bitcoin traded near $78,900, up about 0.23% in 24 hours, after briefly topping $81,000 on Tuesday. Its 22% gain last week was its sharpest three-day rally in years, while more than $4 billion in short positions were liquidated during the breakout. Traders will watch future Treasury buyback operations and the dollar’s next move for signs of whether the rally continues.