Bitcoin versus gold and silver: The Bitcoin-to-silver ratio is now down to 1,104, the lowest since September 2023. Since May, the ratio has dropped -67% as silver has significantly outperformed Bitcoin. At the same time, the Bitcoin-to-gold ratio is down to 19, the lowest since November 2023, and is down -50% since January. By comparison, the ratios stood at 680 and 9, respectively, at the 2022 bear market low. Meanwhile, the gold-to-silver ratio is down to 57x, the lowest since April 2013, nearly halving since March. Can crypto catch up in 2026?(The Kobeissi Letter)