Armen October 18, 202210Y/3M is at 0.07, still positive. In 2018 market bottomed when this spread was at 0.15. It kept going down, turning negative during the rally. Reason is that 10Y yield fell very fast. If same thing is in play now, it may be ray of hope for long suffering gold bugs (like me), who thought they’re smarter than Gary and got in way too early.