Never Lower vs. Gold in ETF History The highest month-end US Treasury 30-year yield since 2004 in July may mark stiff competition for non-income-producing, volatile assets, especially gold. My graphic highlights roughly two-decade highs in Treasury yields and US stock-market cap-to-public debt, alongside buried T-bonds compared with gold. The iShares 20+ Year Treasury Bond ETF (TLT) may have bottomed in 1Q from its lowest-ever level vs. the SPDR Gold Shares (GLD). The vast room for reversion might suggest a tinderbox awaiting a spark. Stocks appear in the driver's seat. Rapidly rising government deficit spending is often cited as a reason to own gold, but public debt is minuscule vs. stock-market valuations. TLT's annual volatility has dropped to about one-third GLD's -- roughly a 20-year low -- and gold's volatility has surged to about 2.1x that of the S&P 500 to Aug. 7. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tjcbtdkgifqa {BI COMD} #gold #bonds #ETFs @Bloomberg(Mike McGlone)