To the 2 Horsemen (Gold/Silver Ratio & USD) we should add Amigo #3, the Yield Curve as another important macro sign to watch for.
The 10yr-2yr curve is only on a small bounce and still in a flattening trend. This is at yesterday’s close.
But the 30yr-5yr is doing something else, in real time. That looks like a thing trying to change its trend.
Here is the current real time signaling from Treasury bond yield land (source: Investing.com). On an in-day basis at least, 10yr-2yr is still on a steepener. It’s the trends that are important (and these spreads are both still trending down or flattening), but they have to start somewhere. So it’s worth keeping close watch.
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