Today the 10, 5 & 2 is dropping again as yields on the long end decline and the short end rises.

10, 5 & 2 year yields from Bloomberg

Below is the state of the 10 vs. 2 year at Friday’s close (weekly chart).  It is bearish for gold but it is also bearish for the Fed’s ZIRP because it is trying to tell them they are behind the curve.

Here’s the live daily chart view of the 30 vs. 5 year…