"Gold seems to anticipate monetary policy developments earlier than USTs. This is possibly because gold has, in the end, no intrinsic worth and no yield and is therefore hyper-sensitive to U.S. and global monetary policy."
CNBC
HT: LearnBonds
Update 8:01 a.m. EDT:
Just as equity is the longest dated paper and just as zero coupons have the highest convexity....
Update 8:01 a.m. EDT:
Just as equity is the longest dated paper and just as zero coupons have the highest convexity....
