At first glance, it has the hallmarks of a classic inflation scare. In the past week commodity prices—from oil to orange juice, silver to sugar—have reached eye-popping levels. In nominal terms, the prices of Brent crude, copper and zinc have hit record highs. Gold has topped $600 an ounce for the first time since 1980 and silver is at its dearest in a generation. Meanwhile, long-term nominal bond yields in America and elsewhere have risen to levels not seen in more than a year. On April 7th the yield on America's 30-year long bond climbed the 5% barrier, sending a flutter of fear through global markets. The ten-year yield may soon follow.
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