TLT Weekly

Bond prices may be set to appreciate, but no longer as aggressively as they had in the past, meaning incremental adjustments. Lower bond rates should ensue, but gold prices should appreciate more.

Given that gold prices can advance against treasuries, and GBN.V prices are no bid, equity swap traders will have to back off their position to maintain coherence on their derivative bet, and allow the share price to move higher. There is still a competitive, aggressive short selling play, which will not allow the share price to move one iota.

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