Bitcoin and Gold — The Has-Been Breaks Out, the Darling Rolls Over

Bitcoin traded at 83,670 this morning, up 4.3% on the day and through two levels this diary has had written down since May.

Gold, the hedge everyone wanted in January, is 19% below its record and has just failed a breakout. Nine months ago the consensus on these two assets pointed in opposite directions. Both consensus views have now been wrong in the same direction.

The print

At 09:00 UTC bitcoin was 83,670, up 4.29% from Sunday’s 81,162. Ether was 2,692, up 4.6%; solana 115,…