Золотой бум: капитализация вне конкуренции — $30 трлн Golden Boom: Unmatched Market Cap Hits $30 Trillion

On October 17, gold hit a new price record, surpassing $4,380 per ounce. Since the beginning of the year, the value of the precious metal has risen by 64.7%.

In light of this historical high, the market capitalization of gold has exceeded $30 trillion, making it 14.5 times larger than Bitcoin’s market cap ($2.1 trillion) and 1.5 times greater than the combined valuation of the world’s seven largest tech companies (approximately $20 trillion).

Analysts from Morgan Stanley linked the surge in gold prices to concerns about a bubble in the AI industry, geopolitical tensions, trade wars, and the devaluation of the US dollar.

On October 17, Vietnamese authorities lifted the state monopoly on gold. Consequently, thousands of citizens flocked to jewelry stores despite rising gold prices, as reported by local media.

Long lines formed outside the Saigon Jewelry Company in Ho Chi Minh City. In response to the unprecedented demand, the company implemented special rules: gold bars were sold only through prior online registration.

_»It’s almost impossible to purchase bars, so I had to settle for rings despite all the restrictions,»_ noted a local resident.

Other major retailers faced similar situations. Due to a sharp imbalance between supply and demand, Vietnam experienced a shortage of gold products.

In the past 24 hours, the price of Bitcoin dropped by nearly 5%, briefly falling below $105,000. Currently, the first cryptocurrency is trading around $105,900.

Market participants remain optimistic. According to an analyst using the pseudonym Sykodelic, once the increase in gold prices stabilizes, capital will begin to flow into Bitcoin.

_»I don’t understand how most people fail to see the obvious: if gold stops rising, Bitcoin will shoot up. This is the clearest maneuver by large investors to shift positions,»_ he wrote.

The expert believes that major players are intentionally holding back the first cryptocurrency to drive up gold prices and maximize their profits. He stated that the tactical pressure on the crypto market serves two purposes:

_»Then [investors] will crash gold, using retail investors as liquidity to exit, pivot, and invest in Bitcoin, launching it to levels that will astonish everyone,»_ emphasized Sykodelic.

Venture investor Joe Consorti added that the first cryptocurrency needs to reduce its correlation with US stocks to realize a bullish scenario. Earlier, CoinGecko analysts confirmed a zero correlation between digital gold and the S&P 500 index in the third quarter.

Another analyst, operating under the pseudonym Merlijn the Trader, pointed out the increasing global M2 money supply amid Bitcoin’s stagnation. The expert suggested that the gap between liquidity and the asset «cannot persist for long.»

In a separate post, he also drew a historical parallel with 2017 and 2020, noting that after gold reached its peak during those times, Bitcoin significantly increased in value.

Researcher Ash Crypto speculated that the precious metal could form a local peak during the Federal Reserve meeting on October 29.

_»After that, we will witness a massive influx of liquidity into the first cryptocurrency,»_ he remarked.

Recall that at the beginning of October, Matthew Siegel, head of digital assets at VanEck, stated that the rise in gold prices would lead to Bitcoin reaching $644,000 per coin.