Gold Nears Historic Levels as Bitcoin Tests Key Support
Gold is approaching a critical threshold relative to the U.S. money supply (M2SL), reaching levels last seen in 2011 and not surpassed since the 1970s, when prices more than tripled over several years to $700 an ounce.
Bitcoin (BTC $88,388.75), often referred to as digital gold, is testing a key support level, revisiting lows last touched during April’s “tariff tantrum.”
Gold, which traded around $1,800 an ounce in 2011, now sits near $4,500. When measured against the money supply—including cash, bank deposits, and liquid savings—the metal has entered a historic resistance zone. This year alone, gold has surged roughly 70%, in stark contrast to Bitcoin, which is down about 10%.
Still, Bitcoin continues to set fresh highs relative to U.S. money supply in each cycle. Its current support also aligns with the prior cycle high in March 2024, highlighting its role as a digital store of value.
