Gold is currently trading at $4,906/oz as macro desks keep paying for convexity in the oldest hedge, while Bitcoin is trading at $72,639 after a bounce to $78,376. Same tape. Different bid. Gold Flows Tell the Story The “receipt” for gold’s new regime sits in flow math, not slogans. World Gold Council data for full-year 2025 shows global gold ETF holdings of +801 tonnes (second-strongest year on record) and Q4 ETF inflows of 175 tonnes, alongside Q4 bar-and-coin demand of 420 tonnes, the strongest Q4 in 1 ...