Gold Is Breaking Out, BTC Next?

Watch on YouTube ↗  |  September 03, 2025 at 17:01  |  7:12  |  1000x Podcast
Speakers
Avi Felman — Principal, GoldenTree Asset Management
Jonah Van Bourg — Head of Trading, Cumberland / ex-Vitol

Summary

The hosts discuss gold hitting all-time highs around $3,500 and debate the drivers behind the move, including expected rate cuts, geopolitical fragmentation, de-dollarization, and central-bank gold buying. They also discuss Bitcoin as digital gold and a potential next beneficiary, with one host noting he is long Bitcoin by proxy and watching the BTC/gold ratio. The conversation includes personal reflections on missed gold trades and biases against asset classes like stocks.

  • Gold hit all-time highs near $3,500 and hosts remain bullish.
  • Rate cuts lower the opportunity cost of zero-yield gold.
  • Geopolitical fragmentation and de-dollarization support central-bank gold accumulation.
  • US Treasury holders may continue diversifying into gold.
  • Bitcoin is viewed as digital/baby gold and a proxy long.
  • A low BTC/gold ratio could spur Bitcoin accumulation.
  • Hosts discuss missed trades and personal market biases.
  • S&P 500 outperformance is cited in an anecdote about distrusting stocks.
Ideas
Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 0:04
Gold momentum buy; still very bullish
Jonah remains very bullish on gold as it rips to all-time highs; he argues gold is a momentum trade and that you buy it when it is going up, rather than fading strength.
GLD MED
Avi Felman Principal, GoldenTree Asset Management 0:10
Gold bullish on cuts, de-dollarization, central banks
Avi is bullish gold because falling rates lower the opportunity cost of a zero-yield asset; geopolitical fragmentation and gradual de-dollarization are leading countries and central banks (Russia, China, India, PBOC) to accumulate gold and diversify away from US Treasuries; he also sees gold as a momentum trade, noting it has had three up years and historically tends to trend for longer, making now a good time to buy on strength.
GLD HIGH
Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 2:21
Bitcoin digital gold; gold rally lifts BTC
Jonah is bullish Bitcoin as digital or baby gold. Gold's rally makes him feel long Bitcoin by proxy even though he has no gold position; if the BTC/gold ratio falls too low, people will accumulate Bitcoin; and Bitcoin eventually flipping gold is the blue-sky target for crypto. He also believes central banks are already buying Bitcoin.
BTC HIGH
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This 1000x Podcast video, published September 03, 2025, features Jonah Van Bourg, Avi Felman discussing GLD, BTC. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jonah Van Bourg, Avi Felman  · Tickers: GLD, BTC