The very day the previous bull market in gold came to a halt, the bull market in fixed income began. Thirty-six summers later this bull market is coming to its climax. But no one seems to be aware of the speculative fever on the bond market. This week even the longest dated Swiss bond (brace yourself: this bond matures in 2064) went below zero. The entire Swiss yield curve is negative now. Yet, curiously, we tend to associate speculative manias almost automatically with stocks and commodities. This is how big the bubble in sovereign bonds is and these are the consequences everyone conveniently ignores.

This Many Bonds Have a Negative Yield

Interest Rates Are Prices Central Banks Cannot Manipulate Forever

This Will Be the Damage When the Bubble in Bonds Bursts


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