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Bonds have been quietly (as usual) selling off as the S&P 500 tests new all-time highs. Of course, for folks like me who’re in the markets all day, “quiet” is anything but; rate-sensitive corners of the market may finally take notice after today’s sell-off.

Now, I can hear you ask: “What does interest rate-sensitive mean, anyway?” Quite simply, it’s those segments of the market that have a correlation with the bond market. Utilities and real estate, for example, will benefit from lower borrowing costs and will pay a relatively higher dividend.

Gold is another. The yellow metal historically has benefited from lower yields; the opportunity cost of holding gold increases alongside yields. Gold is currently outperforming most other sectors in the one-, three-, six-, and 12-week timeframes, but it’s also trading at all-time highs.

Of course, something’s got to give. Place your bets, and join me for a look at what all this means…

Video Length: 00:09:57

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