Bitcoin, Gold vs. T-Bonds -- Stocks Could Guide The US Treasury 10-year yield at 5% may signal headwinds for gold and Bitcoin. The biggest money pump in history and the 10-year yield dropping to about 0.5% were an opportunity to buy the metal and crypto and sell bonds in 2020. With the 10-year yield roughly 10x the nadir from six years ago and at 5% on Sept. 18, is it the opposite signal now? Time will tell. My graphic highlights how stretched gold is now vs. T-bonds. From a base of 100 in 1987, the ratio of gold to the Bloomberg US Long Treasury Total Return Index is roughly 120 now. In 2020, the gold/T-bond ratio bottomed at around 30. Gold and 10-year yields appear historically stretched in my graphic. With the Fed shifting to restraint, it may take a powerful force for yields to stay above 5%, and a resilient stock market could be a top prerequisite. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tli3takgifpu {BI COMD} #gold #Bitcoin #bonds #stockmarket @BBGIntelligence