Last night was a day of triple kills in the U.S. stock, bond, and currency markets. Although the results of the 30-year Treasury auction were not bad, the bond market continues to cast a vote of no confidence against Trump.

The yield spread between the 2-year and 30-year government bonds has expanded to 109 basis points, the largest gap since 2020.

US assets continue to be sold off, while gold is favored and reaches a historic high.

Recently, everyone who asked me about gold, especially during the significant drop in the three days starting from April 3, I have said that the gold trend is still adjusting and will continue to rise after that.