The 10, 5 and 2 year spreads are aligned with the curve rising and nominal yields declining today.  That is theoretically a pro-gold and risk ‘0FF’ alignment.  Somebody forgot to tell the stock market.

It’s only one day, mind you and this is just a snapshot on a jumpy indicator.  Here is the longer view and its trend is market bullish and gold bearish.  Hey, that’s what it is.

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