Shelley Goldberg, Columnist

Rising 10-Year Yields Point to Higher Commodity Prices

If long-term rates rise enough, investors will turn to gold and crude oil.

February 9, 2018 at 5:59 PM UTC

Shelley Goldberg is an investment adviser and environmental sustainability consultant. She has worked as a commodities strategist for Brevan Howard Asset Management and Roubini Global Economics.

Gold is a safe bet.
Photographer: Waldo Swiegers/Bloomberg

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The 10-year Treasury yield is one of the best metrics for predicting the direction of commodity prices. Its increase in recent months indicates that commodities have more room on the upside.

The correlation between commodity price and the 10-year has been strong over time, for a number of reasons.