Gold, often seen as an analog for sound money, rose 1% on Monday to set another record high and bring its 2025 gain to 43%.

The metal, now trading at $3,721, advanced about an hour after bitcoin (BTC), seen by some proponents as a digital form of sound money, posted a 24-hour drop of 3% that cut its price to $112,000 and its year-to-date gain to 17%. The timing suggests the possibility that profits from bitcoin rotated into gold.

The two assets rarely move in tandem, though there are when both rise or fall simultaneously, often with a short lag. This time, the divergence is stronger.

Gold is not the only metal attracting flows. Silver gained 1.5% on Monday to approach $44, its third-highest level since 1975, and is now up more than 50% year to date.

Notably, since the rates by 25 bps on Sept. 17, both gold and the S&P 500 are up about 1%. At the same time, U.S. treasury yields have risen, with the U.S. 10-year at 4.125% (up 2.5%) and the U.S. 30-year at 4.7% (up 2%).

The dollar strengthened, with the DXY index adding 1% to 97.5. A stronger dollar typically puts pressure on risk assets, and bitcoin has dropped over 3.5% since the Fed’s move.