When trust leaves the USD: Gold and Bitcoin become the new safe haven symbols.

The safe-haven and decentralized asset market is entering an unprecedented boom phase. As the global gold price approaches 5,000 USD/ounce, Bitcoin is also climbing to a new record – 125,000 USD, reflecting the wave of asset migration worldwide in the face of signs of eroding confidence in the USD and the American financial system.

The year 2025 continues to be a booming year for precious metals. As of mid-October, international gold prices have increased by nearly 60%, after recording an impressive increase of 27% in 2024.

On the international market, the spot gold price has continuously reached new highs. From the 3,700 USD/ounce range at the beginning of September, gold surpassed 3,800 USD, then broke through the 4,000 USD/ounce threshold. In the session on October 13, the precious metal reached a new record of 4,090 USD/ounce, and on October 14 in the Asian market, the price continued to rise by nearly 40 USD, hitting 4,150 USD/ounce – the highest in history.

In Vietnam, the price of SJC gold bars has also accelerated rapidly. After surpassing 144 million VND per tael, on October 14 it climbed to 146.4 million VND per tael, just a short step away from the threshold of 150 million VND per tael.

According to the latest report from Societe Generale, with this upward trend, gold could soon reach 5,000 USD/ounce by the end of 2026, while domestic SJC gold is forecasted to easily exceed 150 million đồng/tael due to the exchange rate difference and strong domestic investment demand.

Not only gold, Bitcoin – an asset considered as “digital gold” – has also witnessed a fierce price surge. After weeks of fluctuating around the 110,000 USD range, the largest cryptocurrency in the world surpassed the 125,000 USD mark in October, reaching an all-time high.

Analysts believe that the combination of loose monetary policy, soaring U.S. public debt, and a declining trust in U.S. Treasury bonds is driving global investors to seek both gold and Bitcoin as two parallel safe havens.

Reasons Gold Still Rises Despite a Stable Market

It is noteworthy that gold prices continue to rise sharply even when traditional risk factors have cooled down.

• American stocks rebounded, with the Dow Jones index rising nearly 600 points to 46,067 points.
• Tensions in the Middle East have significantly decreased after U.S. President Donald Trump announced the end of the conflict in the Gaza Strip.
• The US-China trade war has temporarily eased, as Mr. Trump stated that “relations with China will be fine.”

In that context, gold should have adjusted downward. However, the real driving force pushing the price of gold ( and Bitcoin ) up high comes from the decline in confidence in the global financial system.

Warning signs from US bonds and record public debt

Investors are closely monitoring the campaign to buy back about 150 billion USD of US government bonds by the Treasury Department. The goal of “supporting liquidity” sounds technical, but it is actually a warning signal: the world's largest bond market is facing troubles.

As of October 2025, America's public debt has approached 38,000 billion USD, while the budget deficit for the fiscal year 2025 reaches 2,000 billion USD. The fact that the Treasury has to buy back old bonds indicates that natural buyers are withdrawing, forcing the government to intervene.

If liquidity continues to weaken, the ultimate buyer will be the Federal Reserve (Fed) – meaning that money must be printed. This scenario has historically led to inflation spirals, where money loses value and finite assets like gold, Bitcoin become a safe haven.

Global capital flows into gold and Bitcoin

According to the latest data, central banks around the world continue to steadily purchase hundreds of tons of gold each year, led by China and India. In the third quarter of 2025 alone, the total net purchases exceeded 300 tons, indicating a clear trend of decreasing dependence on the USD.

In addition, gold ETFs and Bitcoin ETFs also recorded a record inflow of capital. In the past month, global gold ETFs purchased an additional 100 tons of gold, while Bitcoin ETFs in America attracted a net inflow of more than 8 billion USD – the highest level since they were approved.

With the increasing instability in the global financial structure, gold and Bitcoin are together becoming symbols of new trust: trust in limited, decentralized assets that are not dependent on the monetary policy of any country.

Both of these investment channels are affirming their position as safe havens during a time when fiat currency and government bonds – instruments that were once considered “risk-free” – have become the focus of concern.

Vương Tiễn