Veteran trader Peter Brandt favors gold over Bitcoin as momentum shifts

Veteran trader Peter Brandt is taking a harder look at gold, and his latest view lands as a reality check for Bitcoin bulls. Brandt, who has spent five decades reading market charts, said he is considering selling part of his Bitcoin holdings to buy physical gold instead. His argument is simple: the momentum that helped Bitcoin dominate gold for years appears to be weakening. This shift comes amid a broader backdrop of central bank gold buying, which has been at record levels since 2022 as nations diversify reserves away from the US dollar. The real US 10-year yield, a key driver for gold, has remained elevated, yet gold has held firm, suggesting a decoupling that favors the yellow metal. Meanwhile, the COMEX-LBMA spread has narrowed, indicating tighter physical market conditions, while ETF flows into GLD and IAU have seen renewed interest from institutional investors seeking a hedge against currency debasement.

Brandt's call carries weight because he is not new to this debate. His view is rooted in relative strength rather than sentiment, making his gold-over-Bitcoin stance notable for precious metals traders. For gold investors, this shift in sentiment from a seasoned trader could signal a broader rotation into safe-haven assets, especially as macroeconomic uncertainties persist. The inverse correlation between gold and the US Dollar Index (DXY) remains intact, with a weaker dollar providing additional support. On the demand side, jewelry consumption in Asia and investment demand from Western funds have both contributed to gold's resilience, even as Bitcoin struggles to maintain its store-of-value narrative. Traders can monitor gold's price action on NowPrice's live gold dashboard to track any momentum changes in real time.

Looking ahead, market participants will watch for further signals from other veteran traders and institutional investors. Key data releases, such as US inflation figures and central bank policy decisions, could reinforce or challenge Brandt's view. If gold continues to attract interest from seasoned market participants, it may solidify its position as a preferred hedge against volatility. The interplay between real yields, the dollar, and geopolitical risks will be crucial in determining whether gold can sustain its outperformance relative to Bitcoin in the coming months.