Gold and Copper Surge as Bitcoin Lags Amid Tangible Asset Rally
Gold and copper have emerged as 2025’s standout performers, while Bitcoin has struggled to gain traction amid a year of macro uncertainty and AI-driven growth.
Gold has soared roughly 70% to a record above $4,450 per ounce, outperforming all major assets. Copper, a key industrial metal linked to AI and global infrastructure demand, has risen 35%, according to TradingView. By contrast, the S&P 500 and Nasdaq have gained 17% and 21%, the 10-year Treasury has fallen 9%, Bitcoin is down 6%, and the dollar index has slipped nearly 10%.
The divergence highlights a shift toward tangible assets. Investors are buying gold for its safe-haven appeal amid fiscal risks, geopolitical tensions, and concerns over fiat debasement. Copper has benefited from AI-driven demand, electrification trends, and constrained supply amid geopolitical uncertainty.
Bitcoin’s lag reflects its reliance on private, speculative investors rather than sovereign demand. Markus Thielen of 10x Research noted that institutional investors are still unconvinced by the narrative of Bitcoin as “digital gold,” limiting new capital inflows.
Despite underperformance, some see Bitcoin’s consolidation as setting up a future rally. Lewis Harland of Re7 Capital explained that historically, Bitcoin gains momentum after periods of pause, particularly as currency debasement concerns mount.
The copper-to-gold ratio has dropped nearly 20%, its lowest in over two decades, signaling a fragile, late-cycle economy. Investors appear to be simultaneously betting on AI-driven growth (copper) and protection against systemic risk (gold), highlighting a flight to tangible assets over paper or speculative holdings.
