Central banks are tightening, the global commodities shock is intensifying and over the first few days of April the 2/10 treasury yield curve – i.e., the spread between the U.S. 2-year and 10-year treasury yields – turned negative. Historically, these have been harbingers of a slowing economy or recession. Traditional safe havens gold and the U.S. dollar trended higher in early April. Gold tested the $2,000 per ounce level with an intraday high of $1,998 on April 18. While the U.S. Dollar index (DXY)1 went on to test its 20-year highs, the gold market pulled back when, on April 21, U.S. Federal Reserve Bank (Fed) ... (full story)