U.S. bondy yields rising and the threat of reflation have caused great angst in global markets over the last 2 weeks and found with it a flight from equities, but we’ve yet to see that flight from equities find its way into “safe havens” such as gold. Moreover, there continues to be one key consideration not finding itself into the way of the media limelight… if there’s not an appetite for U.S. debt, then what debt? In other words, either the global debt structure collapses or we are simply experiencing a natural reflation in an otherwise strong economic cycle and something that should be welcomed. Global debt structure collapses vs. normalization of yield?