According to The Kobeissi Letter, global gold stocks have outperformed world semiconductor stocks by 94 percentage points year-to-date, marking the largest gap in at least 20 years (source: The Kobeissi Letter on X, Oct 7, 2025). According to The Kobeissi Letter, the MSCI ACWI Select Gold Miners index has surged 134% YTD while the MSCI World Semiconductor & Semiconductor Equipment Index is up about 40% YTD (source: The Kobeissi Letter on X, Oct 7, 2025). According to The Kobeissi Letter, this is only the second year of gold miners’ outperformance over semiconductors in the last seven years (source: The Kobeissi Letter on X, Oct 7, 2025). According to The Kobeissi Letter, this multi-decade relative-performance extreme provides a clear basis for momentum continuation or mean-reversion monitoring in gold miners versus semiconductors using the cited indices as benchmarks (source: The Kobeissi Letter on X, Oct 7, 2025). For crypto-focused traders, the documented cross-asset leadership shift is a macro signal to track alongside BTC and ETH risk appetite, using the reported 94-point spread and YTD returns as reference data points (source: The Kobeissi Letter on X, Oct 7, 2025).