Gold just wrapped up its biggest outperformance versus the U.S. stock market in 14 years, delivering returns dwarfing those from the S&P 500 for the fifth straight month in April.
The yellow metal’s 34% rally against the benchmark U.S. share index over the last five months is its largest over such a period since 2011. It’s also the longest monthly streak of gold outperformance since 2009, as persistent geopolitical risks and economic uncertainties related to President Donald Trump‘s trade tariffs drove investors toward the perceived safety of bullion.
The SPDR Gold Trust (NYSE:GLD), the largest gold-backed ETF globally, climbed 5.4% in April.
In contrast, the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the benchmark U.S. equity index, slipped 0.9%. That resulted in a relative outperformance of 6.4% for gold in April alone.
Yet, in the final week of April and the first session of May, gold has given …