Silver and gold soar and outperform bitcoin as market turns risk-averse

Source: Exame
Original Title: Silver and gold soar and outperform bitcoin as market turns risk-averse
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The thesis that bitcoin would serve as a “digital gold” for investors gained traction in 2025, but new data shows that this view has not yet fully materialized. In recent months, gold and silver have significantly outperformed the cryptocurrency, which ended up giving back all its gains for the year.

Data as of December 5 indicates a strong divergence among the assets. While gold and silver have posted jumps of 60% and 86%, respectively, in 2025, the cryptocurrency saw an accumulated drop of 1.2% for the year, even after hitting two price records.

Bitcoin has shown more pronounced volatility than the two metals traditionally used by investors as stores of value. The cryptocurrency set a record high of around $126,000 in October, but has plummeted since then. It is currently at $90,000.

Gold and silver, on the other hand, have performed more steadily. In the case of gold, the largest and most famous store of value in the market, the price hit a new record in October of this year. The asset climbed again in the first week of December, reaching its highest value in six weeks.

Silver also hit a new price record, but months after the other metal. The asset set a new all-time high on December 1, after posting an accelerated increase throughout November. With this new surge, silver outperformed gold.

Bitcoin as digital gold?

Bitcoin saw the opposite movement in the same period, plunging exactly between early November and early December. The divergent behavior of the assets has reinforced the view that the cryptocurrency is still not fully treated in the market as a store of value.

Analysts state that the cryptocurrency’s decline reflects a convergence of adverse factors, especially profit-taking by long-term investors and a growing risk aversion due to uncertainties surrounding the future of U.S. monetary policy.

However, risk aversion is precisely the cause of the surge in gold and silver, reinforcing the role of these assets as a means of wealth protection. In practice, therefore, the data shows that the two metals remain the major safe haven for investors when market conditions become more adverse.