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The Future Killing Fields of Private Wealth: The Global Bond Markets
Sunday, September 23, 2012 4:11
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One of the most significant differences between the 1969-1980 gold bull market and today’s is gold’s relationship to US Treasury long-bond yields. During the earlier bull market, dollar-denominated bond yields rose to unprecedented double-digit levels. Decades ago, yields were rising because people were selling bonds in an era of rising consumer prices. Until 1980 or so, yields failed to compensate bondholders for rising consumer prices. These bond valuations were decimated during the 1969-1980 gold bull market, as yields soared into the high double digits. Exiting the bond market during the 1970s and moving what was left of one’s money into gold and silver was an act of survival. Continue reading
2012-09-23 04:04:34
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