Silver as an investment

Despite Stock Strength; US, German Bond Yields Are Tumbling

As stocks surge to record-er-est highs, so bond yields and the yield curve are collapsing further…

Buy all the things…

https://www.zerohedge.com/sites/default/files/inline-images/20180116_10003.png

 

So much for that ‘tantrum’… 10Y Bund yields are tumbling…

https://www.zerohedge.com/sites/default/files/inline-images/20180116_UST2.png

 

Treasury yields are erasing the tantrum spike too…

https://www.zerohedge.com/sites/default/files/inline-images/20180116_UST3.png

Perhaps Gundlach was right – Gross’ bear call was premature?

 

And the US yield curve continues to collapse…

https://www.zerohedge.com/sites/default/files/inline-images/20180116_UST1_0.png

As Goldman notes, CFTC positioning signals investors also expect higher yields in 2018.

 

https://www.zerohedge.com/sites/default/files/inline-images/20180116_UST4.png

After bearish US 2y and bullish 10y positioning for much of 2017, 10y positioning has now become bearish as well. This is consistent with the investor feedback we received in our global strategy conference last week in London, where 60% of participants polled expect US 10y yields above 2.75% by 2018YE.

And while bank stock prices do not care, Citi’s Net Interest Margin slid to an all-time low…

https://www.zerohedge.com/sites/default/files/inline-images/20180116_nim.jpg