2019 was the year gold woke up. As the Federal Reserve abruptly reversed course and began cutting interest rates, gold broke decisively above the range that had contained it since 2013, surging to a six-year high. Falling real yields, trade-war anxiety, and a global pivot toward easier money all aligned. The breakout set the stage for the 2020 pandemic record and the era of all-time highs that followed.
Key events of 2019
- 2019-07-31
The Fed cuts
The Federal Reserve cuts rates for the first time since 2008; gold breaks out to a six-year high.