Foreign media commentary suggests that gold’s trading performance over the past few months no longer resembles that of a traditional safe-haven asset, but has instead become increasingly similar to risk assets such as Bitcoin and U.S. stocks. Economist Robin Brooks noted that gold’s correlation with the S&P 500 has risen above 0.50, a marked departure from its historical near-zero correlation.
Gold and U.S. stocks rise in tandem
Brooks believes that gold has historically served as a hedge during periods of rising geopolitical conflict or economic stress, but its behavior has now changed. According to him, when investors broadly reduce their risk exposure, gold tends to decline alongside U.S. stocks, undermining its traditional safe-haven status.
He also noted that Bitcoin’s long-term correlation with U.S. equities is typically below 0.15, but during the “currency depreciation trade” from late 2025 to early 2026, this correlation rose to 0.55. During the same period, gold’s联动 with U.S. equities also strengthened in tandem, approaching levels similar to Bitcoin’s.
Retail investor funds are accused of altering trading structures.
Brooks attributes part of this shift to the significant rise in gold prices over the past year and a new wave of retail buying entering the market. He believes that while higher gold prices do mechanically increase the valuation of gold on central banks’ balance sheets, this does not imply that institutional investors have suddenly made a large-scale shift toward gold or a concentrated exit from dollar-denominated assets.
He stated that he initially expected the high correlation between gold and the stock market to gradually decline after a market pullback eliminated short-term traders. However, based on current conditions, this联动 may not be merely a short-term phenomenon—the underlying structure of gold trading may have already undergone deeper changes.
Market sentiment toward Bitcoin remains divided.
The article also mentions that Peter Schiff, a long-term Bitcoin bear, recently warned that if Bitcoin falls below today’s low, the market could experience another significant sell-off. He believes that Bitcoin’s recent rebound above $61,000 was more likely driven by short-term capital rather than a solid recovery.
However, Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, maintains a bullish outlook. Kendrick stated that if Bitcoin rises to $100,000 by the end of 2026, investors looking back at the current stage may view it as a buildup zone.
Overall, the core of this review is not to provide a single directional judgment, but to highlight that the correlation between gold, Bitcoin, and U.S. stocks is increasing. For the market, this suggests that the boundary between traditional "safe-haven" and "risk" assets may be becoming more blurred.