..take a look at the chart in the link and see how rising 10 yr yields (above 5pc) led to end of equities secular bull market and thereafter an extended period of stagnation.
In a nascent secular inflationary era, higher bond yields eventually lead to the end of the secular bull market in Stocks.
In 1966 & 1968, it was the 10-year yield breaking out of a nearly half-century base above 5% and eventually hitting 5.5% which killed the secular bull market in stocks.
I don't know what yield level it will be this time, but once that is in motion, it sets the stage for an accelerated move higher in Gold against the S&P 500.
Much more capital will move out of Stocks and into Gold.
