A recent surge in gold and silver may be less the main event and more the opening act for a “meteoric” move in crypto.
An popular online market analyst is arguing that the recent surge in gold and silver is not the story in itself, but the opening move in a broader liquidity cycle that could eventually spill into Bitcoin, XRP, HBAR and other crypto assets.
Drawing heavily on comments from macro strategist Raoul Pal, Levi frames current price action in precious metals as a classic early signal that global financial conditions are easing and that risk assets may be next in line.
From “Everything Code Dominoes” To a Steady Utility-Based Crypto Rotation
The video centers on what Pal calls the “everything code dominoes” — a sequence in which different asset classes respond, with lags, to changes in global financial conditions.
According to the discussion, gold, silver, and the dollar-yen pair are tightly linked to financial conditions and tend to move first, leading other assets by about nine months.
Bitcoin, the specialist says, lives “in liquidity land,” typically lagging those early signals by roughly three months.
Equities, particularly the Nasdaq, are described as tracking global liquidity “perfectly” in this framework. In the pandemic shock of 2020, gold rallied first, the host notes, before capital rotated into Bitcoin, which went on to dramatically outperform.
“Gold can do a couple hundred percent,” Pal is quoted as saying, “crypto can do five, ten X if you’re lucky.”
That historical relationship underpins the host’s argument that the current move in precious metals is setting the stage for crypto’s “time” again, once the liquidity phase is further along.
Central Banks, Weakened Dollar & Why XRP & HBAR Are Kept Under Pressure
Levi also stresses that major central banks are “loading up massively” on gold and, to a lesser extent, silver, while largely avoiding cryptocurrencies for now because of the perceived risk environment.
This is portrayed less as an anti-crypto stance and more as a function of their mandate: protecting sovereign wealth as the dollar weakens and debt burdens grow.
Pal notes that around 87% of world trade and over half of global debt are denominated in U.S. dollars, making the currency systemically unavoidable even as some sovereign wealth funds diversify.
In his view, a cyclical weakening of the dollar pushes these institutions into gold as a hedge, and increasingly, on the margin, into Bitcoin as well.
Against that backdrop, the host characterizes recent downside in Bitcoin, XRP, HBAR and other tokens as “short-term negative downside pressure” within a larger liquidity story.
Levi argues that “they want you out of XRP and HBAR right now so they can make more money when the liquidity is ready to come in,” suggesting institutional players prefer to accumulate during periods of retail capitulation.
While Levi acknowledges that gold now looks “wildly overbought” and that he would not initiate new positions at these levels, he and Pal both see room for the move to extend over “another two or three months” as financial conditions continue to ease.
In that scenario, crypto would be expected to follow later in the cycle, assuming no major structural shock intervenes.
For crypto investors, the message is less about short-term timing and more about understanding the sequence: central bank gold buying and a softer dollar as early indicators, followed by improving liquidity conditions, then eventual spillover into higher-beta assets such as Bitcoin and large-cap altcoins like XRP and HBAR.
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