Gold and Bitcoin's Correlation Spikes Amid Inflation Concerns

Peter Schiff pointed out that gold and Bitcoin react differently to inflation data. On Wednesday's CPI print, gold rose 1.5% while Bitcoin fell 0.4%, which shows they have distinct responses to economic news.

The SPDR Gold Shares ETF (NYSE: GLD) saw $50 million in single-day retail inflows on August 5, the highest since mid-March. In contrast, U.S. spot Bitcoin ETFs received just $244 million that day.

Ki Young Ju noted that Bitcoin's 90-day correlation with gold has rebounded from nearly negative 0.9 in early 2026 to around positive 0.7, which he called 'digital-gold-era levels'. This suggests Bitcoin is being priced as a scarce asset rather than purely as a tech trade.

Macro analyst Lawrence McDonald compared the long-term performance of gold and Bitcoin, showing that while gold has historically outperformed, both assets have significant drawdowns every few years. A positive correlation between gold and Bitcoin is not automatically bullish, and their responses to real yields, the dollar, and inflation data across multiple timeframes are still uncertain.