Brandt: Gold in Long-Term Bear Trend Against Bitcoin

Key Points

1. Gold has outperformed Bitcoin in 2025, with a 29% increase compared to Bitcoin's 24%.

2. The XAU/BTC ratio has been in a downtrend for over a decade, indicating gold's long-term bearish trend against Bitcoin.

3. Gold reached an all-time high of $3,500 on Apr. 22, 2025, driven by expectations of U.S. Federal rate cuts.

4. Bitcoin briefly surpassed gold in year-to-date returns in July 2025 when it hit its all-time high of $122,838.

5. The Bloomberg Galaxy Crypto Index barely matched the S&P 500's gains in 2025, highlighting the crypto market's underperformance.