Quarterly projection, page-82

Here is an interesting chart:




The way I interpret the above is that buying long term bond is a losing game as bond value drops (10-yr rolling annualized return) when yield rises. Going negative implies, it is perhaps better to invest in asset like gold, which though does not deliver income (goes against Warren Buffett investment strategy), is safer in retaining value i.e. safe haven. Trump's tariff (higher interest rate for longer), lower investors interest in buying bonds (~$7.5T bond rollover in 2025 and ~$2T budget deficit), subsequent money printing by FED i.e. another round of inflation (the above chart painted in green happened during Paul Volker period when interest rate went astronomically high to curb inflation),...... All these events are likely to lead to higher yields for bonds in the coming years and therefore the above chart will remain negative.

Bond market is the playground of institutional investors and therefore, if the above interpretation is correct, then we can expect a lot more money going into gold.

GLTA.