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Gold Hits Record High
06/21/2010
The People's Bank of China announced that they will end a 2 year peg on the dollar; oil, copper and equities are rallying, gold hit a new record high. China also increased holdings of US Treasury notes by 2.6% in March and April to $900B after 4 consecutive monthly declines. Right now, the futures market is pricing in a 77% chance that the Fed keeps rates at .25% through September 21st, 2010. Currently, the Ten Year yield is at 3.249% (3.21% on Friday) and the 2-10 yield spread is at 255bps, steepening 6bps since Friday morning.
