US 10-year Treasury yields are down 3 bps to a session low at 4.32% today.
Here is something to consider: China is on holiday today.
With that, gold is down and Treasury yields are lower. Has China been selling bonds and buying gold? It certainly fits in with the evidence that China is behind the gold bid.
But if China is also unloading Treasuries, you might draw some geopolitical conclusions.
