The safety dance is out of synch.
Bond yields and gold generally move in opposite directions but gold jumped to $1296 from as low as $1287 earlier in the day. That’s in contrast to the bond market where 30-year Treasury yields are up 3 basis points to 3.51% — the highest since April 22.
Stocks in Europe and US futures are also higher.
It all points to the quick jump in gold as a flow-related move rather than fundamentals and that argues in favor of selling the bounce.
gold intraday
