Global bond yields rising

EU defence spending plans are driving German, French, and Italian bond yields higher. Japan’s are soaring too. The dollar is sinking: what does it all mean for gold and silver?

This week, the end-February decline in gold and silver prices appear to be over, with a recovery based on a firm undertone. In early European trading this morning, gold was $2,920, up $60 from last Friday’s close, and silver $32.60, up $1.50.

Despite the recent transfers of physical gold into New York, there still appears to be a bear squeeze in place. Look at how Comex Open Interest has declined in the last few months as gold has continued to rise (upper chart):