As gold, silver prices tumble, what the 10-year U.S. Treasury note yield is now signaling to markets

New York (Mar 13)  While the general marketplace remains roiled at midday Friday—evidenced by U.S. stock indexes that have dropped well down from their sharp, limit-up gains early on and tumbling gold and silver prices that are now at multi-month lows--the U.S. Treasury market is indicating the worst of the coronavirus crisis, from a markets perspective, has already been factored into most market prices. The yield on the benchmark 10-year U.S. Treasury note is presently around 0.86%, which is well up from record low below 0.4% seen earlier this week. If indeed the old bond market saying rings true: “The bond market knows and the stock market guys are schmoes,” then the bond market is now telling the marketplace the coronavirus panic has passed its peak, from a markets perspective.

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