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Gold Hits $4,000 & Bitcoin reaches 1/8 of $1 million

Yes, $125,000 sounds nice, but an eighth of a million is cleaner.

Nik Bhatia

Oct 8

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Dear Readers,

Asset prices continue to charge ahead with momentum. Conditions for this rally are apparent to many, citing “the debasement trade” as a catch-all for what is unfolding. And while debasement is an excellent conclusion, another cohort of investors remains worried about an AI bubble. Today, we reset the narratives surrounding markets and the global economy to deduce whether $4,000 gold and $125,000 are warranted, hideously overpriced, or just the beginning.

You know the story of bitcoin’s market cycles: euphoric blow-offs, brutal crashes. Maybe not anymore. The Bitcoin _Checkpoint takes a deep look at how the 2023–2025 cycle has rewritten market structure—and why these changes could be permanent.

Inside you’ll find analysis of record-low volatility, ETF flows absorbing billions monthly, and why long-term holders remain in control with $1.3T in unrealized profit. Plus, download now for automatic access to the event where James Check took a deep dive into the report himself.

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Gold has been telling us something for two years

What a chart. The breakout above the $2,070 area had us on $3,000 watch, but the breakout from $3,500 has been something at which to marvel. Here is my gut reaction from last month:

Now, gold makes a charge toward $4,000 after a summer of consolidation—a convincing breakout above $3,500 comes at the same time as dangerous levels of European bond yields. The first thing that came to my mind when seeing this gold price action was to relate the two, cynically thinking that the European Central Bank is going to have to get involved in emergency QE at any moment.

Looking at the escape velocity on gold has everyone’s attention. The momentum readings are now reaching extremely overbought levels, but I have no desire to try and predict where gold consolidates:...

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