Bullish Gold Still Far from 'Crowded Trade' After Record Jump

Gold tends to do well when other assets do badly, but it does best when people lose faith in central banks, and central bankers have done all they can to unnerve investors so far this year. Fed downgrades, Eurozone QE, and now Japan's move to negative interest rates together show monetary policy becoming ever-more desperate as it fails to work as advertised. Gold prices responded between January and March with the sharpest three-month gain in almost three decades.