The two markets don't really seem directly related. Gold is going up because central banks are stacking, and Bitcoin seems to be waiting for something to happen.
Discussion
I agree, we are not in direct competition as per people’s understanding of Bitcoin
And this is interesting to me https://polymarket.com/event/bitcoin-vs-gold-vs-sp-500-in-2026
Stocks are theoretically done for, but some companies are now holding Bitcoin or gold, which changes the math, a bit.
Bitcoin is also a much-smaller market, albeit growing. The amount of wealth being shifted, at the moment, can't be absorbed by Bitcoin. The market would be parabolic within a couple of hours and then freeze up.