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Gold knocks on a door that's been shut for 50 years as bitcoin tests a defining support
Measured against U.S. money supply, gold is back at levels that marked major historical peaks, while bitcoin retraces toward a key cycle floor.
Dec 24, 2025, 12:03 p.m.
What to know:
- Gold is challenging a resistance zone against the U.S. money supply that was last seen in 2011 and the early 1970s, and only broken decisively during the late 1970s surge.
- Against the same measure, bitcoin, known to some as digital gold, is testing support near the April "tariff tantrum" low that also marks prior cycle high from March 2024.
Gold is at a critical juncture when measured against U.S. money supply (M2SL), testing a level it last reached in 2011 and not surpassed since the 1970s, when the price more than tripled to a then-record $700 an ounce over the course of several years.
In contrast, bitcoin , referred to by some supporters as digital gold, has dropped toward a support level, revisiting lows it last touched during the "tariff tantrum" in April.
STORY CONTINUES BELOW
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Back in 2011, gold cost $1,800 an ounce. It's now around $4,500. When plotted against the money supply, which represents the total stock of dollars circulating in the U.S. economy, including cash, bank deposits and liquid savings, the price has reached a level that's historically acted as a major resistance zone.
To get there, the precious metal has surged 70% this year. This sharply contrasts with bitcoin, which is down roughly 10%. Still, bitcoin continues to make fresh highs relative to the U.S. money supply each cycle, and the current support level also marks the prior cycle high in March 2024.
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