I'm a Little Puzzled Too

Gold is just an indication of excess liquidity. I was never a gold back in the same sense. Maybe we're in a different world, and there's just too many other stores of value. So do bonds still have the role that they've always had in the financial system? Or is this argument that maybe we need to find a replacement for treasury bond ons in our portfolio because it doesn't really do what it used to do when six or seven % yields were the risk rate. These days, you would look at a negative real yield on treasuries. i'm not thinking of displacing any stogs by Bond futures as being an overlay for your stock portfoliion.