Fidelity’s Julian Timmer suggested in a recent social media post that both gold and Bitcoin may be overvalued.
One reason to consider ringing the gold bell is that if gold is a play on U.S. fiscal dominance, one could argue that the implementation is now complete. The chart below shows the US M2, which is a combination of the ground price of gold and the market price of Bitcoin. In the age of finance… pic.twitter.com/fdaS9rjnlu
— Julian Timmer (@TimmerFidelity) October 23, 2025
He noted that these two assets account for 133% of M2, which represents the total U.S. money supply, including cash and deposits.
This is close to the 1980 peak of the yellow metal’s value for M2.
However, Timmer declined to say that these assets have already peaked. But he believes bears require a certain amount of vigilance.
“Once gold reaches the stratosphere, you have to keep that in mind,” he said.
Two major trends
In a follow-up post, he argues that Bitcoin and gold are essentially a play on two trends: challenging U.S. fiscal dominance and dollar dominance.
Countries and investors are looking for non-dollar assets that could be viable alternatives.
