The 10, 5 and 2 year spreads are aligned with the curve rising and nominal yields declining today. That is theoretically a pro-gold and risk ’0FF’ alignment. Somebody forgot to tell the stock market.

10, 5 & 2 year yields from Bloomberg

It’s only one day, mind you and this is just a snapshot on a jumpy indicator. Here is the longer view and its trend is market bullish and gold bearish. Hey, that’s what it is.