diff --git a/RELEASE-NOTES.txt b/RELEASE-NOTES.txt
index be6e188704..205098bc34 100644
--- a/RELEASE-NOTES.txt
+++ b/RELEASE-NOTES.txt
@@ -1,3 +1,7 @@
+1.20.0
+------
+* Fix bug where image placeholders would sometimes not be shown
+
 1.19.0
 ------
 * Add support for changing Settings in List Block.
diff --git a/gutenberg b/gutenberg
index fdd69535ec..7a337cfeaa 160000
--- a/gutenberg
+++ b/gutenberg
@@ -1 +1 @@
-Subproject commit fdd69535ecbec018bfabad783c890de3d72b7e07
+Subproject commit 7a337cfeaaade6622d6bc9a08101b1b79a1579ea