Hello readers,

We’re now three and a half months removed from Bitcoin’s peak on October 6th. Meanwhile, Gold and Silver continue to outperform.

That combination is making crypto investors increasingly impatient. But why is Gold outperforming? What is the BTC/Gold ratio signaling?

And why does the setup point to a great buying opportunity?

In this week’s report, we analyze Gold vs. BTC and explore the catalysts for the next move.

Disclaimer: Views expressed are the author’s personal views and should not be relied upon as investment advice.

Let’s go.

Gold vs BTC

BTC is currently down roughly 30% from the high established on 10.6.25 (110 days ago).

Here’s how that compares to the last two cycles:

• ‘21 Cycle: BTC was down 41% 110 days post the 11.9.21 peak.

• ‘17 Cycle: BTC was down 55% 110 days post the 12.18.17 peak.

So, Bitcoin is holding up quite well, relatively speaking. Yet it feels worse this time.

Why?

In our opinion, it’s because other (rival) assets are outperforming on BTC’s weakness. Namely, Gold and Silver. Gold is up 26% since 10.6.25. Silver is up 125% (!)

But when we zoom out, it’s difficult to be overly concerned.