Once again, if you haven't seen the sharp fall-off in Treasuries, here's a chart. It's violent.

Now the bond market is frequently described as being "smart" or a leader of equities and other markets.

So if you think the bond market is selling off (and the reason for the selloff is unclear, but it looks like a "risk on" rally, as stocks are going up), then you have to wonder what's in store for holders of yen and gold, which have both rallied along with bonds, and share similar characteristics in terms of flight-to-safetiness.

Here's dollar yen, which hasn't rallied at all. Is it about to?

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