Gold mining stocks are on track for their strongest month on record, with the MSCI Inc. global gold miners index gaining 43% in August and surpassing the best monthly performance by semiconductor stocks. Bitcoin rose roughly 26% over the same period, linking both assets to a broader macro trade. The rally accelerated after the US Treasury said it would double its buyback cap for longer-dated debt to at least $4 billion, a move that pushed borrowing costs lower and revived the debasement trade—shifting from fiat currencies into scarce assets such as gold, silver and Bitcoin. Gold miners have been among the clearest beneficiaries of that repositioning. The MSCI world semiconductor gauge gained 27% in April, while the Philadelphia semiconductor index rose 38%, but technology stocks have since faced pressure from higher global bond yields and concerns about heavy AI spending. Nvidia’s bullish sales outlook helped ease some worries about the durability of AI-driven growth. Spot gold traded near $4,583 an ounce Friday, up roughly 13% this month and about 33% over the past year. Gold-backed ETF holdings rose at their fastest rate since September, following $3 billion of inflows in July that ended two consecutive months of outflows. Copper also posted a record close this month. Attention now turns to Jackson Hole, where Federal Reserve Chairman Kevin Warsh is due to speak Friday. A hawkish message could lift real yields and challenge non-yielding assets, while a softer tone could keep the debasement trade intact into September.