Gold and Bitcoin: The Assets the Rally Forgot - FT - 10 June 2026

[Ryan84]

The Financial Times ran a pointed piece on 10 June describing both gold and Bitcoin as feeling like yesterday's FOMO trades, left behind while the broader market rally has pushed equities, particularly AI and tech stocks, to new highs. The framing is that both assets built their investment theses around distrust of traditional financial institutions and fear of currency debasement, yet neither is meaningfully participating in the current risk-on environment. Gold is hovering near its all-time high in nominal terms at around 4,430 dollars an ounce, but the FT's argument is that it has become stagnant rather than rallying further as equity markets surge. Bitcoin is in a much worse position, down roughly 30 percent year-to-date from its October 2026 peak while stocks march higher.

The piece captures something real about investor psychology in mid-2026. The FOMO that drove both assets to record highs in late 2025 has evaporated. Capital that was chasing asymmetric returns in gold and Bitcoin is now chasing asymmetric returns in AI infrastructure and semiconductor names. The FT's framing as yesterday's FOMO trades is harsh but not entirely unfair. Both assets appealed to a distrust of centralised institutions and a fear of monetary instability that has not translated into sustained outperformance when the equity market offers its own compelling narrative. The irony is that the very inflation concerns that should theoretically support both assets are instead pushing rates higher and making risk assets including crypto less attractive.

830Cacfc Cda7 4Da8 Acde 49F6079Bc524www.ft.com

[WildManCena23]

The FT calling both gold and Bitcoin yesterday's FOMO trades is going to age badly or it is going to look prescient. I genuinely cannot tell which right now

[Weary Renegade]

There is something deeply strange about gold being at 4,430 dollars an ounce and the FT describing it as left behind. That is not a forgotten asset, that is an asset at historic highs that the market does not know what to do with

[Reacher Quarry]

Bitcoin being compared to gold in this framing is actually a compliment to Bitcoin and an insult to gold at the same time. Gold is a centuries-old store of value, Bitcoin is 15 years old. They are not the same trade