Bond Crisis

October 04, 2023

by Alasdair MacLeod Gold Money

As the yield on the 10-year US Treasury note soared, gold and silver came under selling pressure this week. But ahead of the weekend, bear closing in precious metals is evident. In European trade this morning, silver rallied to $23.00, down a net 55 cents from last Friday’s close. And gold traded at $1871, down a net $53. The numbers in other currencies were not nearly so grim due to dollar strength. The chart below shows the dollar’s Trade Weighted Index:

[…] The TWI’s rally of almost 6% over the last quarter has hit minor currencies particularly hard., and gold priced in them has performed very strongly. Not only that, but energy prices being very strong in dollars are even more so in yen, rupees, and renminbi.