I think that investors have started to realize that Bonds are toast. Historically, central banks have been huge buyers of gold, but neither retail nor institutional investors have allocated meaningful amounts of their portfolios to gold. I suspect that will change very soon. Bonds do not always provide good diversification to equities and they perform worse than precious metals during periods of high inflation volatility! $SPDR Gold ETF(GLD.US)$$Vanguard Total Bond Market ETF(BND.US)$$SPDR S&P 500 ETF(SPY.US)$