On December 22, the international price of gold rose sharply, with Spot briefly crossing 4400 dollars an ounce, reaching a new historical high, while Bitcoin (BTC) continued to face pressure, dropping about 29.5% from its historical peak. The significant weakness of Bitcoin compared to gold raises concerns about high-risk assets entering a long-term downturn cycle.
The precious metals sector has generally strengthened, becoming one of the brightest asset categories in 2025. Gold futures reached new highs, while the price of silver temporarily climbed above 69 dollars an ounce, with an increase of more than 130% since the beginning of the year. Platinum also showed strong performance, with prices reaching historical high levels, just shy of its historical peak. Analysts highlight that the widespread rise in precious metals reflects a systematic influx of capital into safe-haven and real assets.
In comparison, Bitcoin's performance is significantly lower. Over the past 24 hours, BTC has increased by less than 1%, and its current price is around 89,000 dollars, with a cumulative decline of nearly 5% since the beginning of the year 2025. In contrast, gold has risen by about 70% this year, and silver has even increased by more than 130%. Since the launch of the Spot Bitcoin ETF at the beginning of 2024, the overall performance of gold has outpaced that of Bitcoin by about 19%.
Certain points of view in the market believe that the Bitcoin/gold ratio sends risk signals. Mike McGlone, senior commodity strategist at Bloomberg, emphasizes that this ratio is currently close to a key technical support. Historically, a weakening of this indicator has often been associated with increased pressure on stocks and high-risk assets. He believes that if global stock markets weaken in the coming year, gold may continue to dominate as a leading indicator.
However, some analysts are taking a relatively optimistic stance. They point out that the BTC/XAU ratio has dropped to a temporary low, technical indicators suggest that Bitcoin may be undervalued compared to gold, while gold shows signs of short-term overbought conditions, which could lead to a capital movement.
Overall, the new peak in gold prices stands in stark contrast to the consolidation of Bitcoin, highlighting that the current market favors capital preservation over high-risk speculation. It remains to be seen whether Bitcoin can close the performance gap with gold, which will depend on macroeconomic conditions and risk appetite in the coming months.
