The dip in rates today has flipped the switch in a number of markets. US equity futures bottomed when yields peaked earlier and gold is now riding high.
It's up $22 to $1836, breaking the high of $1831 at the turn of the year and trading at the best levels since November 22.
The breakout -- if it lasts through the close -- highlights a series of higher lows and (now) higher highs since early December. Technically, there isn't much standing in the way of a rebound to $1875.
Silver is also making a move, up 52-cents to $23.97. That's also the best level since November 23.
I fear that this is only a temporary respite in the trend of rising yields but it's an impressive move in precious metals.
