Gold’s Record Surge Outpaces Bitcoin, But Momentum Could Shift

Gold surges amid robust ETF investments, geopolitical tensions, and market fluctuations.

Key Points:

• Gold ETFs attracted $10 billion in inflows over the past month, while Bitcoin ETFs saw $5 billion in outflows—a trend that may soon reverse, according to ByTree Founder Charlie Morris.
• Spot gold hit $3,002, gaining over 15% this year, driven by strong ETF demand, geopolitical tensions, and concerns over U.S. tariffs.

Spot gold briefly exceeded $3,000 per ounce for the first time before settling at $2,990. April gold futures also crossed the $3,000 mark on Thursday.

The metal has gained over 15% in 2024, fueled by strong ETF inflows, geopolitical tensions, and market uncertainty, particularly amid tariff discussions linked to former President Donald Trump.

Meanwhile, gold priced in British pounds remains approximately £300 below its all-time high of £2,363.

Charlie Morris, founder of ByTree and manager of the BOLD ETF (which holds both bitcoin and gold), has noted a divergence between the two assets but expects a reversal soon.

"Over the past 30 days, gold ETFs saw $10 billion in inflows, while bitcoin ETFs faced $5 billion in outflows," Morris stated. "These flows will reverse again—just as they always do."