Gold (GC=F) and silver (SI=F) investors have enjoyed a win this year, while cryptocurrency bulls have been left in the dust.
Gold futures rose above $4,550 on Friday, hovering at or near all-time highs, capping a year that saw more than 50 such records.
Meanwhile, silver prices have also jumped above $75 an ounce, extending their year-to-date gains to 150%, in a parabolic rise driven by concerns about physical shortages at a time of strong industrial demand. Platinum (PL=F) and copper (HG=F) prices have also surged to record highs this year.
Some investors have been quick to point out the divergence between the metals sector and cryptocurrencies, which has been fueled by the sharp decline in Bitcoin (BTC-USD) in recent weeks. Ethereum (ETH-USD) is also down 12% year to date.
Navellier & Associates founder Louis Navellier noted earlier this week that “with gold prices rising nearly 70% in 2025 and most cryptocurrencies in negative territory, the time has come for the crypto crowd to switch to gold.”
Navellier pointed to central bank buying, lower volatility and improved liquidity in the gold market compared to cryptocurrencies.
Meanwhile, notorious cryptocurrency critic and gold bull Peter Schiff said on
The metal’s climb to record highs comes as cryptocurrencies are on track to end the year in negative territory, while Bitcoin is trying to avoid a third straight month of losses.
The world’s largest cryptocurrency diverged from stocks for the first time since 2014, despite a favorable regulatory environment and growing adoption of cryptocurrencies on Wall Street.
The coin has struggled to recover after long-term holders sold off, with forced liquidations causing prices to slide about 30% from an all-time high of nearly $126,000 in October to just over $87,000 on Friday.
Sean Farrell, head of digital assets at Fundstrat, said he was not surprised by Bitcoin’s recent tight range moves.
“The Santa Claus rally is typically characterized by people selling losing stocks and buying winning stocks at the end of the year,” Farrell said in a client video earlier this week.
“I just don’t think a lot of people are going to step in and 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 setup for January’s rally as inflows are expected to increase as investors adopt Bitcoin as a long-term portfolio.
“Assuming December closes in the red…history does suggest that January will be in the green,” Farrell said.
