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Early this morning we saw a big spike in long-term interest rates.

The yield on the 10-year treasury got all the way up to 1.435%.

Now of course by all the way up I'm keeping it in perspective.

It's just the highest it's been since the pandemic collapsed about a year ago.

But it has been a relentless move higher.

I've been talking about it on this podcast.

The chart looks extremely bearish for bonds and bullish for bond yields.

I really don't see anything other than a massive increase in the Fed's QE program that's

going to derail this freight train.

In fact on the 30-year bond the yield got all the way up to 2.293%.

So almost 2.3% on the 30-year bond yield.

And when the yield initially spiked that sent gold prices tanking all of a sudden gold

was down about 20 bucks very quickly that was the knee jerk response in the precious metals

market to the surge in bond yields.

Again as I've been saying on the podcast this is because Wall Street traders are convinced

that rising bond yields means the economy is really strong and because the economy is

really strong the Fed is going to raise rates sooner rather than later and a premature tightening

is going to push up the dollar and a strong dollar is going to be bearish for gold.

So every time they see a spike in bond yields they sell gold.

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