Gold has surged 21% since August 11, outperforming major risk assets, while Bitcoin has fallen 15% over the same period. The S&P 500 has gained 7% since August, highlighting a divergence in asset performance. The gold-to-bitcoin ratio is approaching a multi-year resistance level, indicating gold's relative strength. Comparative charts show gold and the S&P 500 above their August levels, contrasting with Bitcoin's decline. The S&P 500's broadening pattern suggests potential rising volatility, whereas Bitcoin's megaphone pattern reflects emotional, headline-driven market behavior.