Gold Nears Historic Levels as Bitcoin Tests Key Support
Gold is approaching a critical threshold when measured against the U.S. money supply (M2SL), reaching levels last seen in 2011 and not exceeded since the 1970s. During that earlier period, gold’s price more than tripled over several years, reaching a record $700 an ounce.
Bitcoin (BTC $88,388.75), often called digital gold, is meanwhile testing a significant support level, revisiting lows last seen during April’s “tariff tantrum.”
Gold, which traded around $1,800 an ounce in 2011, now sits near $4,500. When compared to the U.S. money supply—which includes cash, bank deposits, and liquid savings—the metal has entered a historical resistance zone. This year, gold has surged roughly 70%.
Bitcoin, by contrast, is down about 10% in 2025 but continues to set fresh highs relative to the U.S. money supply in each cycle. The current support level also coincides with the prior cycle high from March 2024, highlighting Bitcoin’s role as a digital store of value.
