TLT May Be Bottoming vs. GLD Inflection points can be hard to identify, but the start of Federal Reserve Chairman Kevin Warsh's term may mark a turning point favoring US Treasury bonds over gold. My graphic highlights the iShares 20+ Year Treasury Bond ETF (TLT) potentially bottoming vs. SPDR Gold Shares (GLD), even as a primary force fueling inflation and pressuring bond prices -- surging US stock-market capitalization to GDP -- is on a tear. Is the recovering TLT/GLD ratio a durable bottom or merely a dead-cat bounce? My bias leans toward the former, given the potential narrowing of the wide crocodile-jaws pattern on the chart and signals from other markets. Bitcoin led risk assets higher and is collapsing. Stock-market volatility is near multidecade lows vs. surging risk metrics in gold, silver, copper and crude oil. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/th0zt7r24ueo {BI COMD} #Gold #bonds #stockmarket #etfs(Mike McGlone)