Interesting dynamics in the precious metals markets. Gold’s market capitalization has grown by about 6 trillion this year—more than Nvidia’s entire valuation in January. Just imagine the scale.

The spot price of gold is currently holding at around 5,514 dollars per ounce. The drivers are clear: central banks are buying more than 800 tons, money is flowing into retail ETFs, and in addition, geopolitical tensions and trade tariff wars are pushing investors to seek refuge in traditional assets.

What’s interesting is that while gold’s market capitalization is rising, Bitcoin has stopped correlating with gold altogether since mid-2025. Right now, BTC is trading around 78 thousand, but that’s a completely different story. Previously, both assets moved in the same direction during crises—now they don’t.

This shows that the market is revaluing assets in different ways. Gold remains the classic safe haven for conservative portfolios and central banks. And Bitcoin is evolving as a separate asset class with its own logic and its own investors.

Gold’s market capitalization will continue to grow if geopolitics doesn’t stabilize. And this is the movement worth tracking—it reveals the market’s real fears and expectations.