via Bloomberg - German Bund Yields

What probably saved our bacon as investors in the gold sector would have been negative nominal rates on short term bunds in June. Along with this, we are hearing that gold transferring to Swiss vaults is accelerating.

http://www.bloomberg.com/markets/rates-bonds/government-bonds/germany/

Negative nominal overnight rates @SNB

http://www.snb.ch/en/iabout/stat/statpub/zidea/id/current_interest_exchange_rates

This is happening while interest rates are appreciating around the world on longer dated bonds.

-F6