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On this day — April 14, 2020
Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.
Day 105 of 366 · Q2 2020 · 28.7% through the year
April 2020 gold market: Stimulus ignites a powerful gold rally
BullishA clean breakout to eight-year highs on stimulus.
With central banks and governments deploying trillions in stimulus, gold surged through April to about $1,700 — its highest level since 2012. Collapsing real interest rates and fears of currency debasement made non-yielding gold newly attractive, and physical demand for bars and coins overwhelmed many retail dealers.
What drove gold in April 2020
- trillions in fiscal & monetary stimulus
- real yields turning deeply negative
- currency-debasement fears
- retail bullion shortages
Key events in April 2020
- Apr 14Gold clears $1,700 for the first time since 2012
What happened next
The breakout above $1,700 opened a clear path toward the 2011 record that gold would challenge by July.
For gold buyers
April confirmed the new regime: with real yields negative, gold's lack of a coupon stopped being a disadvantage.
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