And that is only the start. Speculation against treasuries and...

And that is only the start.
Speculation against treasuries and gold was very pronounced over the last years. So buying pressure for safe assets. The problem bonds have is that buying pressure might not be enough over the medium term to offset selling pressure from China and Japan. With international tensions rising and the underlying currency risk now that the US$ is used as a political tool selling from China and Japan should keep rates from falling too far. Gold does not have that problem. So I would be bullish on bonds and gold (1-3 years) and can only be bullish on gold over the medium term (5 years).

BTW, Troy might get a nice extra capital injection in January when US$1.5m for the next 10% of Casposo are due (the years after US$2.5m and 3m). Austral Gold can either pay or forfeit the option meaning Troy will keep at least 10% of Casposo without a second chance for Austral to buy the stake. Casposo is still a very good asset once further explored.