Gold Devours Stocks and Outshines Crypto with 40% Gains. Why So?
Gold 
XAUUSD has returned 40% in the past twelve months — that’s more than four times the S&P 500’s 
SPX 9% increase.
Besides leaving stock bros with a sour taste in their mouths, gold is also serving a cold dish of revenge to the crypto heads who had for years been slamming it for lack of appeal. It crushed the $3,000 mark last week, pumping to the rarefied air of $3,005 per ounce.
The market’s digital gold — Bitcoin
BTCUSD — is up 26% in the past year. Gold is certainly having a moment here with just about every star aligning for its upside swing. War tremors, inflation jitters, consumer uncertainty and lower interest rates have come together to make gold great again.
Catch the drift? Yes, we mean US tariffs. Trump’s tariff drama is perhaps the biggest driver right now for the shiny stuff. Anxiety over gold getting slapped with a tariff has sent traders, dealers and investors scrambling to get more of it.
The US President has floated some comments on gold but not to the point where he even remotely hints at imposing a tariff. Around the end of February, Trump said he suspects someone might’ve actually been stealing gold from Fort Knox. His remarks came after Elon Musk, designated as a “special government employee,” raised some alarming questions.
“Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not,” Musk wrote on X. “That gold is owned by the American public! We want to know if it’s still there.”
Trump chimed in and said in an interview they’re planning to visit Fort Knox soon. “We’re going to go into Fort Knox, the fabled Fort Knox, to make sure the gold is there. He added that “if the gold isn’t there, we’re going to be very upset.”
Fort Knox is the equivalent of Scrooge McDuck’s impenetrable fortress full of gold collectibles. Only that Fort Knox staff doesn't backstroke through the piles of coins (or do they?). The vault holds a total of 147.3 million ounces worth roughly $430 billion today. To those who’re asking why not sell it and pay off some debt — America has a staggering $36 trillion debt burden. Selling gold to pay it off wouldn’t even return a blip on the chart.
According to Treasury Secretary Scott Bessent (who’s also a hedge fund manager) the gold at Fort Knox is audited “every year” and “all the gold is present and accounted for.”
All American gold is stored in a number of vaults, which collectively add up to a total of 261.5 million ounces (8,100 tons), according to Federal Reserve balances. That’s around a $770 billion piece of a market that’s worth nearly $20 trillion.
So is the gold rush exaggerated and maybe a little overrated?
In practice, gold is a pet rock with an added flair. It doesn’t generate yield, produce earnings or pay any form of interest to those who hold it. But gold has a solid history of being the ultimate store of value.
Gold’s supply is more or less fixed as miners are only able to dig out about 1% to 2% a year at best. All the gold ever unearthed in the world is a little over 216,000 tons, according to the World Gold Council. One way to picture that is 64,200 Tesla Cybertrucks. Or, if we were to melt it all, it would be enough to form a cube that’s 25 yards (23 meters) on each side.
You be the judge now — do you think gold is overpriced? Or are you a gold bug who believes that $3,000 could be the start of a new mega cycle for the precious metal? Share your comments below!
XAUUSD has returned 40% in the past twelve months — that’s more than four times the S&P 500’s SPX 9% increase. Besides leaving stock bros with a sour taste in their mouths, gold is also serving a cold dish of revenge to the crypto heads who had for years been slamming it for lack of appeal. It crushed the $3,000 mark last week, pumping to the rarefied air of $3,005 per ounce.
The market’s digital gold — Bitcoin
BTCUSD — is up 26% in the past year. Gold is certainly having a moment here with just about every star aligning for its upside swing. War tremors, inflation jitters, consumer uncertainty and lower interest rates have come together to make gold great again. Catch the drift? Yes, we mean US tariffs. Trump’s tariff drama is perhaps the biggest driver right now for the shiny stuff. Anxiety over gold getting slapped with a tariff has sent traders, dealers and investors scrambling to get more of it.
The US President has floated some comments on gold but not to the point where he even remotely hints at imposing a tariff. Around the end of February, Trump said he suspects someone might’ve actually been stealing gold from Fort Knox. His remarks came after Elon Musk, designated as a “special government employee,” raised some alarming questions.
“Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not,” Musk wrote on X. “That gold is owned by the American public! We want to know if it’s still there.”
Trump chimed in and said in an interview they’re planning to visit Fort Knox soon. “We’re going to go into Fort Knox, the fabled Fort Knox, to make sure the gold is there. He added that “if the gold isn’t there, we’re going to be very upset.”
Fort Knox is the equivalent of Scrooge McDuck’s impenetrable fortress full of gold collectibles. Only that Fort Knox staff doesn't backstroke through the piles of coins (or do they?). The vault holds a total of 147.3 million ounces worth roughly $430 billion today. To those who’re asking why not sell it and pay off some debt — America has a staggering $36 trillion debt burden. Selling gold to pay it off wouldn’t even return a blip on the chart.
According to Treasury Secretary Scott Bessent (who’s also a hedge fund manager) the gold at Fort Knox is audited “every year” and “all the gold is present and accounted for.”
All American gold is stored in a number of vaults, which collectively add up to a total of 261.5 million ounces (8,100 tons), according to Federal Reserve balances. That’s around a $770 billion piece of a market that’s worth nearly $20 trillion.
So is the gold rush exaggerated and maybe a little overrated?
In practice, gold is a pet rock with an added flair. It doesn’t generate yield, produce earnings or pay any form of interest to those who hold it. But gold has a solid history of being the ultimate store of value.
Gold’s supply is more or less fixed as miners are only able to dig out about 1% to 2% a year at best. All the gold ever unearthed in the world is a little over 216,000 tons, according to the World Gold Council. One way to picture that is 64,200 Tesla Cybertrucks. Or, if we were to melt it all, it would be enough to form a cube that’s 25 yards (23 meters) on each side.
You be the judge now — do you think gold is overpriced? Or are you a gold bug who believes that $3,000 could be the start of a new mega cycle for the precious metal? Share your comments below!
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Share TradingView with a friend:
tradingview.com/share-your-love/
Read more about the new tools and features we're building for you: tradingview.com/blog/en/
tradingview.com/share-your-love/
Read more about the new tools and features we're building for you: tradingview.com/blog/en/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.