Bond Market Crisis: Why Gold Falls When Debt Breaks

Felix Nikolas Prehn's Podcast · Oct 7, 2026 · 19m · transcript

Bond yields are climbing simultaneously in Japan, Europe and the United States, and Felix Nikolas Prehn argues these are not separate headlines but a single debt crisis unfolding across the developed world. Japan's 30-year yield has reached an all-time high while carrying debt of roughly 260 per cent of output. France's bond selloff is spreading to Italy, Belgium and Greece, and even German yields are rising. In America, annual interest on federal debt has reached 1.25 trillion dollars. Gold has fallen alongside these moves, which Prehn attributes to dollar strength, a crowded trade and…