Gold prices soared above 4,400 USD per ounce on December 22, setting a new all-time high, while Bitcoin (BTC) is currently 29.5% below its own peak.
The weaker performance of Bitcoin compared to gold has led many analysts to worry that the speculative asset may enter a prolonged downturn.
Gold, silver, and platinum prices in Thailand continue to surge.
Gold prices continue to rise steadily today, reaching a new record high of 4,409 USD in early Asian trading. At this time, the price has slightly decreased to 4,403 USD per ounce. Meanwhile, gold futures also touched a high of 4,415 USD per ounce.
This momentum is not limited to gold alone, as various precious metals continue to profit, similar to silver, which surged to a peak of 69.4 USD per ounce.
Silver is setting a new daily high, rising 140% in 2025 alone. Currently, technical signals are starting to lose meaning, and we are seeing a continuous rise for 8 consecutive months, as noted by The Kobeissi Letter.
Platinum has also joined the price surge, reaching its highest level in years, and is now just 4.5% away from its all-time high.
Prices surged above 2,040 USD per ounce. This increase comes with strong momentum and indicates a clearer breakout opportunity rather than a short bounce after platinum fell behind gold and silver for most of this cycle. Now, platinum is chasing, suggesting renewed interest in precious metals and the potential for a capital shift to lower-priced inventories, as analyst Mario Nawfal wrote.
Bitcoin has performed poorly in 2025, while silver and gold lead returns.
Meanwhile, Bitcoin continues to weaken compared to the precious metals group. Over the past 24 hours, this largest cryptocurrency has only increased by 0.89%.
At the time of reporting, Bitcoin was trading at 88,890 USD, down approximately 29.5% from its peak. This performance has put pressure on long-term holders, while profits continue to decline steadily.
Overall in 2025, Bitcoin declined nearly 5%, while traditional assets provided strong returns. Looking at recent data, silver surged by 138%, and gold increased nearly 68% during the same period.
Charlie Bilello, a market strategist, emphasized that since January 2024, when the first Bitcoin ETF launched, gold has been able to outperform Bitcoin's performance by up to 19%.
Bitcoin is what prevents many from buying gold or silver. Unfortunately, they will lose most of their money to Bitcoin instead of making more income from precious metals, said economist Peter Schiff.
Stocks themselves have also provided better returns than Bitcoin this year, with the Nasdaq index rising by 20.8%, the S&P 500 by 16.4%, and the Russell 2000 by 13.4%.
Market observers explain that the fact that gold prices reached a new high before the end of the year indicates that investors still prioritize capital preservation while cautiously shifting to risky assets. Analysts state that the period when gold rises alongside stocks generally reflects cautious hope in the market.
Such a situation explains why BTC Bitcoin continues to fluctuate within a range instead of making strong adjustments, the post states.
Analysts view changes in the ratio as a warning signal for risky assets.
The fact that Bitcoin still underperforms may indicate broader impacts beyond just market sentiment. Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, pointed out the Bitcoin-to-gold ratio as a key indicator for him.
If the S&P 500 faces its third year of decline since 2008 in 2026, an ounce of the aged asset like gold, valued similarly to risky digital assets, may be regarded as a key indicator.
McGlone has pointed out that the Bitcoin to gold ratio continues to move near a key technical support level of about 20 times, based on data from December 19.
What will stop this cross rate from reverting to a mode value of around 5 times? The fact that Bitcoin/gold remains unchanged since 2020 and has dropped, even though the stock market remains strong, may be signaling the endgame for high-risk assets. The conditions before Bitcoin/gold increased in the past were higher stock prices. My observation is that this indicator may reflect a period of deflation following inflation, which could be a significant burden on the stock market in maintaining upward adjustments.
However, some investors still have a more positive outlook on Bitcoin's trend, with one analyst commenting that gold may be in an overbought condition, meaning that capital may flow out of precious assets into Bitcoin in the future.
BTC/XAU has dropped to around 20 ounces of gold, the lowest level since early 2024, while the weekly RSI stands at 29.5, close to a three-year low, which historically often indicates long-term lows for BTC against gold. We see differences in bullish signals, suggesting short-term recovery opportunities because gold seems overpriced while BTC appears undervalued, as explained by Web3 Vibes.
Whether Bitcoin can catch up to gold remains unclear. The coming months will be a key indicator of whether McGlone's concerns become a reality or whether investors' risk appetite will return for speculative assets. Currently, gold continues to outperform competing digital assets significantly.
