Treasury bill rates were into negative territory overnight. Click on the five-day or longer:

http://www.marketwatch.com/investing/bond/3_MONTH?link=MW_story_quote

http://scharts.co/1BupPwm

Policy rates will not go negative in the U.S. until the bid rate is negative up until more than three months. Negative rates are as a result of credit collapse in the high yield market related to oil prices. However the secondary market for treasury bills is amply supplied, the last pump resulting in record territory for the Dow Jones. The market will turn when the pumping mechanism no longer results in higher equity prices. It suffices to say that the U.S. has been actively pursuing negative rates in order to devalue the currency. Russia achieved the same by printing Rubles and hoarding gold. Their bond rates are in the range of 17%, so they can't resort to negative policy rates.

http://online.wsj.com/mdc/public/page/2_3020-treasury.html#treasuryB

The gold bull market has been over for some time, according to the chart factoring in negative real interest rates. We saw two major downward thrusts of interest rates against inflation, just as it had occurred in the 1970's. The gold price has received a re-rating and is stable in the region of $1188. (Or just under $1400 CAD). A perceived crisis in interest rates and currencies will probably give us a last pop, but prices are stable here. Interest rates might go lower, but s downward pressure in equities and commodities will be perceived as deflationary. A breakout in $ CAD gold prices might not occur if there's a shakeout in the U.S.$.

http://www.nowandfutures.com/images/activity_indicator_gold_long.png

-F6