Gold prices rose to their highest since Feb. 1 this week, thanks to global growth fears and more trade war uncertainty. Those fears sent crude oil prices in the opposite direction.
The impact: After rising more than 30% for the year in April, oil has now entered a bear market, down 20% from its highs.
- Oil has fallen nearly 9% this week. Gold has soared more than 5% in the same week.
- This has only happened in 3 previous instances, and all 3 were during bear markets and recessions, according to data from Crescat Capital.
Go deeper: Inside the age of American oil