Yes correct. Rates rising but not because economic recovery (which is the good type of yield rise, the one you want to see). As explained in article they're rising due to primary dealer bank collateral and over night lending issues. The Fed can't sit idle while overnight repo is this illiquid. Those rates are going to get short squeezed to the down side.
You can clearly see the inverse relationship between yields and gold. The Fed is going to hammer nominal yields lower to unclog the repo market which will send gold higher. Negative real yields. And will be much more negative "if" we see the inflation some are expecting.
Looming US deadline for bank capital may be cause of soaring 10-year rates, page-7
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