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Ahead Of The Curve
01 Sep 2025

The forgotten tariffs

The fear of Q1 is now a reality, but no one really cares as markets trade at all-time highs. Will this all change once the impact starts to trickle into economic data in September?
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It’s golds time to shine
Bitcoin and Ethereum ended the week flat despite sharp volatility, with Bitcoin falling back to early July lows of $107,200 over the weekend, continuing its three-week trend of lower lows. The broader crypto market echoed this weakness, as Ethereum closely tracked Bitcoin’s performance. ETHBTC has hovered around the 0.04 level for ten straight sessions, showing signs of a cooling sentiment in institutional interest via CME.In contrast, gold broke to new all-time highs after months of steady accumulation, driven by global uncertainty and the introduction of U.S. trade barriers. Gold’s resilience has led central banks to now hold more gold than U.S. treasuries in their reserves for the first time since 1996. Despite bitcoin often being branded as digital gold, its price behavior remains largely uncorrelated with gold, with 30-, 90-, and 365-day correlations near zero or negative. This divergence supports the case for holding both assets as complementary hedges in uncertain macro environments.
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