The price of gold and cryptocurrencies such as Bitcoin, Ethereum and Dogecoin soared this week. These rallies in prices that were in the doldrums until a month ago have been widely attributed to investors buying “safe haven” assets on rising concern about the US Treasury market, as government debt exceeded $40tn for the first time (more than doubling in a decade). Inflation remains stubbornly high.

Other forces complicate the story, especially in crypto. Supportive new US regulations were proposed this week amid signs that Donald Trump may begin a fresh cheerleading effort for assets from which the first family has already made a fortune since his return to the White House.

The gold price on Friday stood at just over $4,600 an ounce,…