From his February 2010 letter, PIMCO’s Bill Gross wrote…
The U.K. is a must to avoid. Its Gilts are resting on a bed of nitroglycerine.
Here’s a look at what their yields have over the last few years. UK yields are now lower, even, than Germany’s
A full discussion on the fantastic run in Gilts (UK bonds) — despite the fact that they’ve missed their deficit targets mostly — is certainly due.