TBT (ProShares UltraShort 20+ Year Treasury) $19.05, is the inverse ETF for Long-term treasuries, 20-to-30-year treasuries. In other words, it is a visual of bond activity that is in harmony with interest rate direction and inverse to bond price movement. Interest rates have a direct impact on stock valuation metrics and on gold pricing. In a previous email we shared the correlation between TBT and GDX, the VanEck Gold Miners ETF. The correlation is spooky close – almost as if algos are programed to mirror the activity of TBT in an inverse way. Continue reading