Schiff believes that the bond market is supported by speculators - just like commodities were, and all the other bubbles.
This money, he believes, isn't there because it believes in bonds as a good long term investment... but because it is merely taking advantage of the current trend and will flee as soon as it looks like it might start to lose its gains.
I guess an interesting question is to what degree this speculative money can overrun the vested interest money of china and japan who need the bond market to stay afloat.
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