The bull market in gold ratcheted into a higher gear on Wednesday, with the yellow metal soaring 6% to above $5,400 per ounce for the first time. Asked directly about the rapid ascent in gold and silver prices, Powell cautioned against over-interpreting the rally as a macro signal. Bitcoin BTC $ 87,680.12 bulls, meanwhile, continued to watch from the sidelines as real gold yet again vastly outperformed its digital counterpart. Is bitcoin losing its digital gold edge? "Part of that outperformance is almost certainly a repricing of geopolitical and fiscal risk, but it also reflects gold clawing back some relative market share from bitcoin.”