I just noticed something interesting in the charts: gold is in a tough territory. It fell nearly 20% from its January high and remains under pressure, despite all the geopolitical tension that would be expected to support it. The reason is clear: markets are betting on higher interest rates for longer, and that kills gold’s appeal as a store of value. On top of that, oil is rising due to geopolitical risks, keeping inflation pushed upward.

The curious thing is that if you adjust gold for the real money supply (M2), it’s at levels comparable to 1974 and 2011, so technically it’s not that cheap. But Bitcoin is doing something different: it’s consolidating at levels that have historically preceded new highs. In fact, Bitcoin and gold are now tick-for-tick correlated since Bitcoin dropped a few days ago, something that didn’t happen before.

Meanwhile, the WLFI token from World Liberty Financial continues to take hits. It dropped another 8.73% in the last 24 hours after the platform defended a controversial lending strategy in DeFi. The token is already well below where it started. These movements in tokens linked to public figures tend to be volatile when controversy arises.