Noting that interest rates (which move inversely to prices) are extremely low given historical norms, Shiller writes: ‘The US bond market, showing such low yields, looks as it if may have gone through something of a bubble, and may collapse further, eventually.’

Where does the money shift after a bond market collapse? Equites would crash with it. This is when goldbugs get their massive price spike and gold becomes the final bubble of the asset cycle…