Apparently there's not enough money in markets these days for simultaneous bull moves in gold and its digital counterpart bitcoin (BTC).

To wit, gold has witnessed what seems like new record highs on a daily basis for the past few weeks. Bitcoin, meanwhile, despite living in a world with the same bullish catalysts — easing monetary policy, ETF inflows, rising corporate adoption — hasn't been able to get out of its own way.

The action suggests bitcoin may not be able to move into a new sustained upswing until investors cool on the yellow metal.

Indeed, gold Wednesday is having a rare day in the red — down 1.5% to $3,759 per ounce — perhaps "allowing" bitcoin to have what seems like an equally rare positive session, up 1.7% to $113,7000.

Longer-term chart tells a different story

While gold and bitcoin may seem to be moving in opposite directions in this stage of the cycle, logic would seem to dictate that both assets — given their appeal as hedges against excessive government spending and inflation — should at least kind of track over longer periods.

And that appears to be the case. Year-to-date gold has gained 42% easily outpacing bitcoin's 22%, but at least showing both moving in the same direction. Going back to the start of 2024, gold is higher by just 82% against bitcoin's 155% advance.

And since the start of 2023, gold has more than doubled, while bitcoin is up more than six-fold (though that's measured from nearly the bottom of 2022's crypto winter).

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