Casey,

I think the yield on the 10-year bond still goes lower; I wouldn't be suprised to breach the 2.00% level and head into 1.75% territory. And many will stay in that bond and wait out what many of us see coming. Still, once at the bottom yield-wise, I do agree that enough money will switch to PM's to make them keep right on rising. The money in the bond market is after all, many, many fold that in PM's, so it won't take a big percentage move out of the bonds to fuel the rally.