The Bond Bloodbath Spreads -

The factors driving yields higher are extremely bullish for gold, silver, and every metal and commodity.
While the trading algos in charge of pricing assets on a daily basis care about nothing outside of central bank policy, these drivers guarantee much higher prices for commodities over the long term. 
Another day, another <a href="https://www.moneymetals.com/news/2026/09/14/bond-vigilantes-smell-blood-in-the-water-005202">step higher in bond yields</a>.
And I’m not talking about just <a href="https://www.moneymetals.com/news/2026/09/24/treasury-announces-second-oversized-bond-buyback-as-it-tries-to-put-a-lid-on-yields-005234">U.S. Treasurys</a> — the rise in bond yields has not only been relentless but also boundless. Yields have been climbing for virtually every sovereign bond around the globe.
<figure class="image" style="text-align: center;"><img src="https://www.moneymetals.com/uploads/content/10-Year-U.S.-Treasury-Yield.png" width="800" height="500" class="mx-auto p-3" alt="10-Year U.S. Treasury Yield" />
<figcaption>10-Year U.S. Treasury Yield</figcaption>
</figure>
The pundits will tell you that investors are scared of the inflationary pressures built up from higher energy prices and the AI spending boom. And yes, that has something to do with what we’re seeing right now in the markets.
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But the primary driving force behind falling bond values is best described not by “inflation” but “depreciation.”
And the factors that demand an accelerated depreciation in currencies are as old as human nature and as unavoidable.
<h2>“Nothing Stops This Train”</h2>
My friend Lyn Alden is famous for, among many other things, popularizing the quote above.
Lyn's referencing the inevitable debt spiral that’s in play at the moment, after decades of ever-easier money and ever-greater debt accumulation.
This process is inevitable and irreversible, as thousands of years of human history clearly show.
Every civilization has eventually overspent its means and ended its currency through depreciation to vaporize those debts. And thus, every currency has eventually been depreciated to zero.
My friend Frank Giustra (who’s speaking this year in <a href="https://neworleansconference.com/bl" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://enews.jeffersoncompanies.com/q/AZBw5uMZRmInQW-E0X2bLKy_tfxMt3XPUtAFZcOJU1RFRkFOLkdMRUFTT05AaW5kZXBlbmRlbnRsaXZpbmdidWxsaW9uLmNvbcOIIYG2UdTEdoU8RCN9HtaowSCAtA&amp;source=gmail&ust=1790700164919000&usg=AOvVaw1tLNdlZMdcvcxtB2RoRKgX" rel="noopener">New Orleans</a>) recently posted that governments will choose to massively print currency to address today’s unmanageable debt burdens.
My reply was that this wasn’t necessarily a choice: “…To be fair to those before us, that path wasn’t so much chosen as forced. In other words, once you get to this point…there is no choice.”
In other words, the destruction of fiat currencies isn’t a policy, but rather an unavoidable outcome.
And on a day when gold and silver are being driven lower by short-term algo traders focused on central bank policy decisions and month-end expiries of futures contracts, we need to remember that the train driving currencies lower and metals higher over the long term will not be stopped. As I also <a href="https://x.com/Brien_Lundin/status/2104553102062039295?s=20" target="_blank" rel="noopener">posted this morning</a>:
<a href="https://x.com/Brien_Lundin/status/2104553102062039295?s=20" target="_blank" rel="noopener"><img src="https://www.moneymetals.com/uploads/content/X-Brien_Lundin-September-28-2026.png" width="800" height="275" class="mx-auto p-3" alt="" /></a>As I was talking to so many of my friends and colleagues at the elite Beaver Creek mining conference last week, I sensed no panic — and not even the slightest concern — over the bond-market turmoil that even Bloomberg had dubbed a “bloodbath.”
Even though metals prices were slipping along with bond prices, reversing the trend of recent weeks, these investors continued to have confidence in the longer-term drivers I’ve described above.
In fact, this downturn has made a mining stock market that was already flush with opportunities even more attractive.
To get Brien Lundin’s ongoing commentary on the markets at no charge, <a href="https://goldnewsletter.com/golden-opportunities-sign-up/?tblci=GiBdY-MYH1-nD-WW6UXCXAtHBPIEdPpDc50r48qPeOICrCDKuWUow8jry8SFw-EvMLzYPQ" target="_blank" rel="noopener">click here</a> to subscribe to his free Golden Opportunities newsletter.

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