Chart of the Day - Monday, May 17th, 2021

Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). It's a ratio chart of Gold Futures vs. Bitcoin over the past year. A few weeks ago, Ian pointed out that Ethereum was breaking out vs. Bitcoin, and that pair has gone vertical since then. Now, Ian is pointing out that Gold is starting to breaking out relative to Bitcoin. In a comment to the Chart Report, Ian said, "This one is interesting from a sentiment perspective. I've had old friends reach out to me recently wondering when they should buy Bitcoin. Meanwhile, nobody is asking me when to buy Gold despite the fact that it has actually outpaced Bitcoin by a decent margin over the past month (Gold +7% vs. BTCUSD -30% over the past month). It's hard for me to get excited about Bitcoin right now when even one of the most unloved assets (Gold) is beginning to outperform it."