Ark Invest chief executive Cathie Wood told investors on Nov. 9 that gold is headed lower while Bitcoin is likely to keep advancing, emphasizing that the two assets have shown virtually no correlation since 2019. Wood’s remarks came as gold rose 1.7% to $4,141 per ounce and Bitcoin slipped below the $75,000 mark, a divergence that she says validates her statistical thesis. The comments arrive ahead of the U.S. consumer‑price index (CPI) report, which markets expect to prompt a Federal Reserve rate hike in December.

BTC / USD
Source: CoinGecko. Prices are indicative.

Correlation Near Zero Since 2019

According to Bitcoin.com, Wood highlighted that the correlation coefficient between Bitcoin and gold has been just 0.1 over the past four years, a level that indicates the assets “largely ignore each other.” She contrasted this with a correlation of 1, which would imply lockstep movement, and argued that Bitcoin now “marches to its own beat.” Wood’s view aligns with her earlier September commentary, where she described Bitcoin as both a risk‑on and risk‑off instrument and said it had “miles to go” relative to gold.

Recent Price Action Tests the Thesis

On the day of Wood’s statement, gold climbed to $4,141.14 per ounce, while Bitcoin briefly fell to $73,700 after more than $1 billion in leveraged positions were liquidated. The price gap between the two assets has barely changed since September, when a single Bitcoin bought roughly 17.8 ounces of gold; today it purchases about 18.1 ounces. Over the trailing year, gold has gained 20% while Bitcoin has lost 28%, making both the worst‑performing major assets of 2026 according to Creative Planning’s Charlie Bilello.

Upcoming CPI Data as a Litmus Test

Traders are now focused on Tuesday’s CPI report, which could confirm or challenge Wood’s outlook. A hotter‑than‑expected inflation print may push the Fed to raise rates in December, a scenario that typically pressures non‑yield‑bearing assets like gold and Bitcoin. Wood believes gold will be the first to react, while Bitcoin’s low correlation should allow it to maintain its trajectory. The market’s pricing of a probable rate hike suggests that any surprise in the CPI numbers will be closely watched for its impact on both assets.

What to Watch Next

The next few days will reveal whether Wood’s statistical case holds up. Key indicators to monitor include the CPI release, any Fed commentary on monetary policy, and Bitcoin’s ability to stay above its 50‑week moving average after a recent dip. Gold’s price movement in response to the same data will also be a barometer for Wood’s prediction that the metal will break down first.