Despite all the dollar bashing and federal printing press jibes, 10-Year Treasuries continue to rally. Helped by today’s strong 10-year auction, the 10-year yield broke below 3.2%, and could the day at a new multi-month low.
With gold moving in the opposite direction of these tiny yields, something eventually will have to give. One or the other. At least for the time being, PIMCO’s Bill Gross must be smiling.