Bill Baruch thinks January could be “aggressively higher” for bitcoin. He has reduced holdings in energy companies, expecting crude prices to stay lower next year. He’s optimistic on gold for 2025 after outperformance in 2024, though he thinks the “upside cannot repeat itself.” He compares gold to silver’s moves, which he thinks could also see strength. However, “if the dollar doesn’t get derailed,” it’s a “tough path” upwards for commodities.