At this point, it is difficult to determine if Armstrong's recent top call referred to U.S. Treasury bonds or the USD. Since April 19, both of these two markets have weakened. Keep in mind that they could fall together and provide a double whammy of premium fuel for precious metals.

Noted below is a blurb on the wavering U.S. Treasury market...

Regards - VHF

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The long term Treasury bond ETF broke below its 200 day moving average and support at 100.10 yesterday. The breakdown signals that investors are unwilling to accept a substantial number of additional Treasury issues unless the yields on Treasury bonds are increased significantly. Treasury already has flooded the market with two issues this week valued at $75 billion.

Traders will watch reception to a $26 billion seven year Treasury issue coming to market today. A poor reception would be bad news for both the bond and stock market.