Emre Yumlu 
Global markets are witnessing an unusual phenomenon: risky assets (stocks, Bitcoin) and safe-haven assets (gold, silver) are rising simultaneously. However, experts warn that this may signal a deeper issue rather than healthy economic growth.
The “Everything Rally” Era
Bitcoin kicked off October’s “Uptober rally” by surpassing $125,000, marking a strong start. Gold has broken records 40 times in 2025, reaching a market value of $26.3 trillion—over ten times Bitcoin’s value. Silver has surged by more than 60% this year. Typically, safe-haven assets shine during economic uncertainty, but this time, risky assets are rallying in parallel. The S&P 500 has gained over 39% in the past six months, while the Nasdaq 100 has risen for six consecutive months, a rare streak. Tech giants (“Magnificent 7”) are driving this with over $100 billion in quarterly AI investments. The correlation between gold and the S&P 500 has hit 91%, indicating these assets are moving in lockstep.
Dollar Weakness and False Prosperity
Experts attribute this rally not to economic growth but to the US dollar’s decline. In 2025, the dollar fell 10%, marking one of its worst performances in 50 years. Since 2020, its purchasing power has dropped by 40%. The Federal Reserve’s continued rate cuts could accelerate this weakness, with markets pricing in a 95% chance of another cut in October. Experts argue that the Fed, by cutting rates amid high inflation, is fueling markets with “false prosperity,” eroding trust in the monetary system.
A Warning of Monetary Panic
The simultaneous rise of gold, Bitcoin, stocks, real estate, and commodities reflects not wealth creation but the erosion of the dollar’s purchasing power. Experts describe this not as a “bull market” but as a “slow-motion monetary panic.” Rather than genuine economic growth, signs of a systemic confidence crisis are intensifying.
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