Gold and Japanese yen moving in lock-step. Today is telling.

Either something big is lingering in the background or all of the risk aversion is finally out of the way and bond prices will move in kind. Gold, bond yields and Japanese yen have all been moving in lock-step, three telling risk indicators. Today's price action is showing the move out of risk may be over. But, I have been wondering if something bigger is not "out there" that is driving up bond prices - yield lower with inverse relationship. Today may be a one-off. Time will tell that.

But, I think that "something bigger" is China. And, I think there will be eventual moves out of risk altogether.