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.

Bitcoin news: BTC and gold fall together as a rate-hike bet hits every hedgewww.coindesk.com

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

Current price of gold: June 24, 2026 | Fortunefortune.com

[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

[Red Wrench]

The AI narrative absorbing the FOMO capital is real. Nvidia's returns this year make Bitcoin's October peak look modest. The speculative appetite did not disappear, it redirected

[Ellie22]

I think the FT piece undersells how much of the Bitcoin bull case was specifically about ETF inflows creating sustained institutional demand. That story broke down when the outflows started

[Zoe]

Gold near all time highs being described as forgotten tells you everything about how distorted the current market environment is. Everything is measured against AI-driven equity returns now

[BretHart99]

The stagflation scenario where both gold and equities struggle and Bitcoin also struggles is the one nobody is talking about but seems plausible if oil keeps rising

[Ava_75]

Both assets have a real demand base that does not go away because equities are doing well. The central bank gold buying story has not changed. The Bitcoin ETF product exists and has real AUM

[Undertaker92]

Calling anything a FOMO trade after the fact is easy. The question is whether the underlying thesis changed or whether this is just a sentiment cycle that reverses

[Stu96]

If the Fed eventually pivots and cuts rates, both gold and Bitcoin should benefit. The real bet here is on how long the higher-for-longer environment lasts

[Cass93]

I should really be buying more..