‘Time has come’ to switch
Gold (GC=F) and silver (SI=F) investors are taking a victory lap this year, with crypto bulls left in the dust.
On Friday, gold futures hit or hovered near record highs above $4,550, capping a year that saw more than 50 such records.
Silver, meanwhile, has surged above $75 an ounce, extending year-to-date gains to 150% in a parabolic rise fueled by concerns about physical shortages at a time when industrial demand is strong. Platinum (PL=F) and copper (HG=F) also rose to records this year.
Some investors have been quick to point out the divide between the metals industry and the cryptocurrency as Bitcoin (BTC-USD) has experienced a sharp decline in recent weeks. Ether (ETH-USD) has also fallen by 12% since the beginning of the year.
“Given that gold is up almost 70% in 2025 and most cryptocurrencies are negative, it is time for the crypto crowd to move into gold,” Louis Navellier, founder of Navellier & Associates, said earlier this week.
Navellier points out that there are central bank purchases, lower volatility and better liquidity in the gold market compared to cryptocurrencies.
Meanwhile, famous crypto critic golden bull Peter Schiff specified in X, “If Bitcoin doesn’t go up when tech stocks go up, and if it doesn’t go up when gold and silver go up, when will it go up? The answer is: it won’t.”
The metals’ climb to all-time highs comes as the cryptocurrency is on track to end the year in negative territory and Bitcoin tries to avoid a third straight month of losses.
The world’s largest cryptocurrency broke away from stocks for the first time since 2014, despite a favorable regulatory environment and growing crypto adoption on Wall Street.
The token struggled to recover after long-term holders sold, and forced liquidations caused prices to fall nearly 30% from record highs of around $126,000 in October to just over $87,000 on Friday.
Sean Farrell, Fundstrat’s head of digital assets, said he wasn’t surprised that Bitcoin has been trading in a tight range lately.
“Santa rallies are normally characterized by people selling the losers, buying the winners by the end of the year,” Farrell said in a customer video earlier this week.
“I think a lot of people are not stepping in here to take a lot of risk on an asset that has been underperforming for much of the last few months,” he added.
The strategist said he believes there is a compelling environment for a bounce in January as inflows from investors adopting Bitcoin for their long-term portfolios are expected to increase.
“Assuming December closes in the red…history suggests January will be green,” Farrell said.
