Gold, as measured by U.S. money supply (M2SL), is at a critical juncture, testing levels last reached in 2011 that have not been surpassed since the 1970s, when gold prices more than tripled in a few years to a then-record $700 an ounce.
In comparison, Bitcoin Bitcoin, dubbed digital gold by some proponents, has fallen toward support levels, regaining the lows hit during April’s “tariff mania.”
Back in 2011, the price of gold was $1,800 an ounce. The price now is about $4,500. When plotted against the money supply, which represents the total stock of dollars circulating in the U.S. economy, including cash, bank deposits, and liquid savings, prices have reached levels that are historically major resistance zones.
To achieve this goal, the precious metal has soared 70% this year. This is in stark contrast to Bitcoin, which is down about 10%. Nonetheless, Bitcoin continues to make new highs each cycle relative to the U.S. money supply, with current support also marking the previous cycle high in March 2024.
