Gold bugs are buying bullion for the understandable reason that central banks appear committed to printing more money: they fear that eventually this will lead to inflation. Stockmarkets are buoyant on the grounds that QE will eventually work to revive the economy and head off the prospect of a double-dip recession. Meanwhile government-bond yields have fallen because central banks seem to spend most of the QE money buying their own country’s debt. Traders see the central banks as putting a floor under bond prices.
--Wait a minute, your honor, they can't all be right!