POG/RBA and the AUD, page-23

The biggest area of risk as I see it at the moment is the bond market, which is more bloated than the equity market by quite a long chalk, particularly US T bonds. Its an area few are talking about, however there does seem to be more chatter of late.
I do see equities particularly that of the US, Europe & Japan as overvalued but not nearly to the same extent as the US bond market.
I've never traded bonds & somewhat relying on the advice of others, but it doesn't make any sense at all to me that bonds are paying what I understand to be record low returns, when government debt is extraordinarily high, hence so the risk reward should reflect this, but it isn't.
The AUD I also think is in for a decent correction, hence if I was to buy gold now (which is looking very tempting imo.) I would buy it in AUD terms i.e Aussie gold.