Gold and silver continue to outperform Bitcoin as traders position for uncertainty before the Federal Reserve’s December 10 interest rate decision. Silver has climbed 86% year to date, gold has risen 60%, and Bitcoin has slipped 1.2%. Rising fears of monetary debasement, shifting inflation trends, and uneven central bank signals are fueling demand for precious metals.
Ryan McMillin of Merkle Tree Capital says investors focus on the threat of sticky inflation. Core PCE trends near 3% and remain firm in services and housing. Traders watch for a potential policy error if the Fed cuts rates while inflation stays above target.
This environment directs capital toward assets viewed as defensive. Gold and silver benefit from the broad rotation as investors prepare for more rate uncertainty. Bitcoin remains under pressure after its October liquidation and ongoing deleveraging across major exchanges.
Yet the divergence raises one central question: could Bitcoin rejoin broader market momentum once liquidity returns?
The gold-versus-Bitcoin debate intensifies as tokenized gold enters more conversations. Gold advocates argue that tokenization improves portability, divisibility, and verification. They also say it extends gold’s use into decentralized finance.
CZ previously challenged tokenized gold models due to reliance on issuers. His remarks resurfaced during a public exchange with Peter Schiff. Schiff responded with “I don’t know,” which drew laughter from an audience familiar with both viewpoints.
Bitcoin advocates argue that tokenized gold still faces centralization issues. They also note the ongoing counterparty risks tied to audits and custodians supporting the underlying metal.
While precious metals climb, equities also post strong gains. The Nasdaq is up 21% and the S&P 500 is up 16% this year. Both benefit from earnings strength, buybacks, and expanding AI-related investment.
Bitcoin lags as it stabilizes near what Glassnode calls the true market mean. This metric reflects the cost basis of non-dormant coins excluding miners. It also marks the boundary between mild bearish conditions and deeper downside phases.
McMillin says equities move through a late-cycle melt-up, while Bitcoin works through mid-cycle repair. He expects Bitcoin’s disconnect from metals and equities to remain temporary. He also notes that Bitcoin may track global liquidity more closely once order books recover.:
UOB’s Global Economics & Markets Research team projects continued gold strength into 2026. The group sees strong demand from exchanges and persistent accumulation in gold-ETF markets. They say expectations of near-term rate cuts support bullish conditions.
UOB forecasts quarterly gold prices at $4,300, $4,400, $4,500, and $4,600 per ounce across 2026. Spot gold trades near $4,209.10 per ounce. Their report states that gold remains a strong option for diversification as global investors manage uncertainty.
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Gold price and silver rates continue to outperform Bitcoin as inflation concerns rise and traders await the Federal Reserve’s next move. Equities climb while BTC stabilizes near its true market mean. Investors now watch whether shifting liquidity will pull Bitcoin back in line with broader market momentum.