Let me say this upfront: I think the claim that gold is “turning into Bitcoin” is both provocative and dangerously oversimplified. But after reading Robin Brooks’ recent analysis, I cannot dismiss it outright. The economist makes a compelling case that the world’s oldest safe haven is behaving less like a refuge and more like a risk asset. In my view, this debate is not academic — it has real consequences for how we build resilient portfolios.

So, has gold lost its essence? Let me walk you through the evidence, the counterarguments, and ultimately, my own conclusion.

The empirical case for a changing Gold

Brooks’ argument rests on observable market dynamics. He presents data showing that the correlation between gold and the S&P 500 has…