The Board of Trade followed suit five years later with trading in Treasury-bond futures.
When gold was at its real all-time high in 1980, the ten-year Treasury-bond yield was 10.8%.
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Equity yields are 50% higher than 10-year Treasury-bond yields, which historically favor stocks.
After an attempted rally ran out of steam this week, Treasury-bond prices resumed their fall, and yields their rise.
Mr Joshi says the four previous periods of triple strength since 1980 were all followed by falls in Treasury-bond prices.
Some small countries, like Iraq, don't have functioning treasury-bond markets but have sold foreign-currency bonds internationally, giving fund managers another avenue to invest in them.
This will be a big change of habit: according to Morgan Stanley, America's net Treasury-bond purchases, outside those by the finance industry, have been zero since 1992.
Treasury-bond yields have not risen yet but that is because they have been suppressed by the effects of quantitative easing (QE) and buying by Asian central banks.
During this month's Treasury-bond sell-off, emerging-market bonds held up well.
That has helped keep the lid on Treasury-bond yields.
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The message from the Treasury-bond market, which tends to thrive on slow growth and low interest rates, is not a heartening one: yields are little higher than they were at the beginning of last year.
The highest-flying markets in recent weeks have been for bonds issued by the least creditworthy companies: those rated B and lower. (For comparison, the highest is AAA and D stands for default.) The Merrill Lynch index of B-rated corporate bonds now yields 7.4% a quarter of a point less than a month ago, even though Treasury-bond yields are higher.
You can buy a ten-year Treasury today, a ten-year Treasury bond from the US Government.
In the States, 30-year Treasury bond yields fell to a four-week low of 4.43% on concerns that proposed austerity measures in the US will hamper future economic growth.
Even junk issues have been inhaled by investors desperate for any yield pick-up over puny Treasury and high-grade bond yields.
At the time it began to sink, unable to meet margin calls, Long-Term Capital was, for example, long large amounts of the 29-year Treasury bond and short equally large amounts of the 30-year Treasury.
The major indexes and the dollar fell, while the benchmark 10-year Treasury bond yield dropped to 3.98% from late-Wednesday's 4.05%.
Short term bond yields increased slightly to 3.64% for the benchmark 10-year Treasury, while the 30-year bond yields fell to 4.68%.
As stocks rally they become less undervalued and more overvalued and this tendency speeds up when the yield on the U.S. Treasury 30-Year bond is rising.
While stocks rally, the yield on the U.S. Treasury 30-year bond rose to a 2013 high at 3.286% versus the 2012 high yield at 3.492% set about a year ago.
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The yield on America's ten-year Treasury bond rose quickly by eight basis points (a basis point is one-hundredth of a percentage point).
The biggest star was the 30-year Treasury bond, which registered a 35% return, while the benchmark 10-year note gained 17%, with the yield finishing below 2% for the first time since at least 1977.
Bond prices soared, too, as the yield on the 30-year Treasury bond fell from 6.54% to 6.43%.
By comparison, JNK is beating the Barclays 3-7 Year Treasury Bond Fund (IEI), which is down 0.5 percent year-to-date.
The spread between emerging-market and treasury bond yields reached a record low of 169 basis points (a bit over one-and-a-half percentage points) in April and is still only around 185 points.
Currently, we are using a 10-year Treasury bond yield of 6% as a discount rate.
The 10-year Treasury bond yield reached 2.36% this morning, up from around 1.87% in past months.
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The iShares Lehman 5-7Yr Treasury Bond (IEI) ETF is up around 1% this week.
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The 10-year Treasury bond, the market bellwether, yielded 3.92%, up from 3.89% late Tuesday.
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