via Nowandfutures.com - Negative Real Interest Rates

Without any adjustment to inflation using hedonic measures, interest rates are slightly positive against inflation. (Grey Line)

The prevailing 10-year bond rate is well below the adjusted inflation rate. (Black line)

Inflation is meant to be declining in real terms when you look at negative nominal rates for treasury bills at the ECB and BOJ.

It's an open question just how low rates can go along the yield curve once rates turn negative on U.S. treasury bills.

We had a taste on Thursday with the market declining, and gold rising, while treasury bill rates took a dive. Gold miners followed the market down on that day.

The outcome for gold miners will be all about yield in a spectacular bear market for stocks. My guess is that a re-rating for gold stocks is in order, but a spectacular bull market is completely out of the question.

If the bull market for gold is over, miners will have to adjust their thinking for prices in this range. But the market has yet to loosen its bearish sentiment on gold prices given where interest rates have declined.

source: http://www.nowandfutures.com/forecast.html#predict_gold

via BNN.ca - Tyler Mordy, Hahn Investment Stewards

The expression on Mark Bunting's face when Tyler Mordy mentions deflation is just classic:

http://www.bnn.ca/Video/player.aspx?vid=451626

$IRX Weekly

There is no metric for negative rates anywhere in U.S. related treasury bill rates charts. Stockcharts.com says the rate on their chart is 10X what it should be, you merely divide by 10. A rate of 0.03 really means 0.003.

http://scharts.co/1cFDeTH

via INO.com - Dec 2014/Jun2019 Spread

http://quotes.ino.com/charting/index.html?s=NYMEX_GC.Z14_M19.E&t=l&a=0&w=1&v=dmax

via Rick's Picks - A Warning For Those Grown Bored With Gold

http://www.rickackerman.com/2014/09/a-warning-to-those-grown-bored-with-gold/

-F6