Gold has hit yet another all-time high, and if the 10x research is correct, today’s price could be the lowest investors have seen in a while.
Meanwhile, Bitcoin has remained sideways, not significantly participating in the year-end rally that swept traditional safe-haven assets.
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Gold’s record-breaking run
Spot gold rose to $4,459.60 an ounce in early Asian trading on Tuesday, up 2.4% from the previous session and the biggest single-day gain in more than a month. The yellow metal is currently up 67% year-to-date, marking its strongest annual performance since 1979.
The rally has been fueled by a combination of factors: rising expectations that the Federal Reserve will cut interest rates twice in 2026, rising geopolitical tensions on multiple fronts, and sustained central bank buying. The US tightens its oil blockade against Venezuela, Ukraine rams Russia’s Shadow Fleet tanker in the Mediterranean Sea for the first time, and tensions between Japan and China remain unresolved.
Gold-backed ETFs have recorded inflows for four consecutive weeks, with total holdings increasing every month this year except May. Goldman Sachs has set a base price target of $4,900 in 2026, with risks skewed to the upside.
10x Research: Buy Signals Triggered
Quantitative research firm 10x Research issued a high-conviction buy signal on gold, giving it a score of 7.4 out of 10. This is one of the strongest measurements in recent years.
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The company’s model identified a price range pattern that produced a median return of +7.8% over the past three months, with 9 out of 10 historical returns showing positive returns. That means the hit rate is 90%.
Based on the current price of $4,480, 10x Research sets a target at $4,830 and recommends a stop loss at $4,393, which represents a 2% downside risk. The company proposes to allocate up to 51.3% of the portfolio to trading, reflecting increased confidence in the setting.
Importantly, the research note emphasizes that this rally was not caused by excessive speculation. Rather, it reflects structural forces such as lower real interest rates, rising geopolitical risks, and new demand from institutional investors. New entrants to the gold market, including stablecoin issuers like Tether and corporate treasury units, are building broad capital bases that make them more resilient to demand.
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Join the Silver and Platinum Party
It’s not just gold. The entire precious metal complex is soaring.
Silver rose to $69.21 an ounce, close to its all-time high of $69.45 an ounce. The metal has been supported by an influx of speculative money and prolonged supply disruptions following October’s historic short squeeze.
Platinum has risen for the eighth time in a row, topping $2,000 for the first time since 2008. Platinum has risen about 124% this year, thanks to a tightening London market and strong demand from China.
Palladium rose 7.1% to its highest level in nearly three years.
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Meanwhile, the Bloomberg Dollar Spot Index fell 0.4%, providing further tailwinds for dollar-denominated products.
Bitcoin Santa MIA
While gold and silver celebrate new highs, Bitcoin is noticeably absent from the celebrations.
The largest cryptocurrency is trading around $88,526, down 21% from its September peak of over $112,000. Over the past 24 hours, BTC has fluctuated within a narrow range between $87,979 and $90,353. Confidence in both directions appears limited given the lack of holiday liquidity.
For Bitcoin bulls hoping for a Santa Claus rally, the chimney now looks relatively small. Gold has won a safe haven bid and this Christmas, the cryptosphere is still awaiting a visit from Santa.
