Gold vs VIX
Gold spot trades at $4,722 (April 24, 2026, near record highs after 2024-2026 supercycle that saw gold rise from $2,050 to $4,722, +130 percent). VIX closed April 24, 2026 at 18.76 (off March 27 peak 31.05).
Also known as: Gold (Spot) (XAU, XAUUSD, GC, gold price) · VIX (fear index, volatility index, CBOE VIX)
Why This Comparison Matters
Gold spot trades at $4,722 (April 24, 2026, near record highs after 2024-2026 supercycle that saw gold rise from $2,050 to $4,722, +130 percent). VIX closed April 24, 2026 at 18.76 (off March 27 peak 31.05). Both serve as safe-haven proxies but respond to different risks. VIX rises during equity volatility spikes (SPY drawdowns, banking crises, earnings shocks). Gold rises during debasement narratives, dollar weakness, geopolitical stress, central bank buying, and inflation persistence. When both rise together (rare), genuine macro risk-off is underway. Gold rising while VIX is calm (more common) suggests slow-burn inflation or debasement concerns. The 60-day correlation is approximately 0.10-0.30 (modestly positive in normal conditions, can flip negative during pure equity stress).
The April 2026 Configuration
Gold spot $4,722 (April 24, 2026, near record highs). VIX 18.76 (off March 27 peak 31.05). Gold/VIX ratio approximately 252 ($4,722 / 18.76). The ratio is at multi-year highs reflecting gold supercycle.
Gold has rallied from $2,050 (early 2024) to $4,722 (April 2026), +130 percent over 28 months. The supercycle drivers: (1) central bank buying (record purchases since 2022, BRICs accumulation); (2) Fed cut cycle starting September 2024 (-100 bp through December 2024) compressing real yields; (3) US fiscal trajectory concerns (debt ceiling, deficit projections); (4) dollar weakness despite Fed pause; (5) geopolitical stress (Iran war 2026, ongoing Russia-Ukraine).
VIX configuration is normal at 18.76 (16-22 typical range). Iran war March-April peak of 31.05 has moderated as ceasefire stabilized.
The combined April 2026 reading: gold elevated reflecting debasement narrative; VIX moderate reflecting equity stability. Configuration consistent with secular gold bull regime + equity stability. Gold has rallied steadily through 2024-2026 even during periods of low VIX, demonstrating that gold supercycle is debasement-driven not fear-driven.
How Gold and VIX Diverge
Gold and VIX have related but distinct safe-haven characteristics. VIX is short-term equity fear gauge. Gold is long-term currency debasement / geopolitical risk hedge.
The practical implication: Gold and VIX diverge during specific macro regimes. Pure equity stress: VIX spikes, gold typically rises modestly (4-10 percent during episodes). Debasement / inflation regimes: gold rises substantially, VIX stable (most of 2024-2026 era). Geopolitical shocks: both rise together (Iran war initial impact, Russia-Ukraine 2022). Liquidity crises: gold can fall initially (dollar liquidity dash) before resuming uptrend.
Correlation between gold and VIX averages 0.10-0.30 in normal conditions (modestly positive, both safe-haven). During pure equity stress correlation can flip to 0.40-0.60 as both rise. During debasement-only regimes correlation drops to -0.10 to 0.10 (gold rises while VIX stays calm). During liquidity dash correlation can flip negative (gold falls while VIX rises).
April 2026 setup: gold at record highs while VIX moderate. Configuration suggests debasement narrative dominant, not equity fear. The pair captures different aspects of risk-off: gold for currency/sovereign risk; VIX for short-term equity volatility.
Conditional Forward Response (Tail Events)
How VIX has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in Gold (Spot). Computed from 1,255 aligned daily observations ending .
Following these triggers, VIX falls 1.73% on average over the next 5 sessions, versus an unconditional baseline of +1.07%. 126 qualifying events; VIX closed positive in 43% of them.
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Frequently Asked Questions
What are gold and VIX?+
Gold spot price USD per troy ounce, currently $4,722 (April 24 2026, near record highs). The ultimate safe haven and inflation hedge. Has rallied +130 percent over 28 months from $2,050 (early 2024) to $4,722 driven by central bank buying (4,000+ tonnes cumulative since 2022), Fed cut cycle, US fiscal trajectory concerns, dollar weakness, and geopolitical stress. VIX (CBOE Volatility Index) measures S&P 500 30-day implied volatility in percentage terms. Currently 18.76 (April 24 2026, off March 27 peak 31.05). Gold/VIX ratio ~252 (multi-year high reflecting gold supercycle).
How do gold and VIX diverge?+
Both safe-haven proxies but respond to different risks. VIX rises during equity volatility spikes (SPY drawdowns, banking crises, earnings shocks). Gold rises during debasement narratives, dollar weakness, geopolitical stress, central bank buying, inflation persistence. Pure equity stress: VIX spikes, gold rises modestly (4-10%). Debasement regimes: gold rises substantially, VIX stable (most of 2024-2026 era). Geopolitical shocks: both rise together. Liquidity crises: gold falls initially before resuming uptrend. Long-run correlation 0.10-0.30 modestly positive. April 2026 setup: gold record highs while VIX moderate suggests debasement narrative dominant, not equity fear.
What is the gold supercycle 2024-2026?+
Gold from $2,050 (early 2024) to $4,722 (April 2026), +130% over 28 months. Drivers: (1) Central bank buying record purchases since 2022: 1,082 tonnes (2022), 1,037 (2023), 1,045 (2024), 1,000+ estimated (2025). Cumulative 4,000+ tonnes added to central bank reserves. China PBoC, India, Turkey, Russia accumulating. Reflects diversification away from USD reserves following Russia 2022 sanctions wake-up call. (2) Fed cut cycle 100bp Sept-Dec 2024 then paused 3.50-3.75% compressed real yields. (3) Dollar weakness: DXY ~100 (April 2026) vs 2024 peak ~110. (4) Fiscal trajectory: US debt-to-GDP approaching 130%. (5) Geopolitical: Russia-Ukraine, Iran war, China-Taiwan.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.