Gold just had its best quarter in nearly three decades. The precious metal rose 16% during the January through March period (via SPDR Gold Shares (NYSE:GLD)), nearly doubling the return from long bonds (iShares 20+ Year Treasury Bond (NYSE:TLT)) and absolutely crushing the returns of equities (SPDR S&P 500 (NYSE:SPY)) and corporate bonds (iShares iBoxx $ High Yield Corporate Bond (NYSE:HYG)), even after their ‘miraculous’ comeback. I don’t even need to mention how it well it did versus other commodities like oil (United States Oil (NYSE:USO)).
According to Bloomberg, “Absolutely no one saw this coming.”