Chart of the Day - Monday, November 11, 2024

🏆 Today's Chart of the Day was shared by Peter Brandt (@PeterLBrandt).

• Bitcoin reached an all-time high of $89k today after another steller post-election breakout last week. In contrast, Gold ($GLD) is having its worst month in a year, pulling back -6% from its peak on a closing basis.  
   
• $GLD is still having a great year, up +27% YTD, but Bitcoin has doubled (+110%) over the same period. While Bitcoin is already winning the fight, Peter points out that it's about to deliver a knock-out punch to Gold.
   
• Gold has an estimated market cap of $17.9 Trillion, making it 6x larger than the entire Crypto market ($2.9T). However, unlike prior cycles, large institutions with big money have a range of ETFs and crypto-related vehicles to enter this up-and-coming asset class.  
   

The Takeaway: Bitcoin has already dominated Gold this year, but the ratio hasn't even broken out yet. If it does, money could easily rotate from 'Physical Gold' to 'Digital Gold' in the coming months/years.