During the week, I wrote about gold (and gold miners) achieving upside breakouts and outperforming stocks for the first time since 2011. Gold, however, is also doing better than bonds for the first time in six years. Not just some bond categories, but all of them. The chart below plots five bond ETFs relative to the price of gold (flat black line) since the start of the year. And all five categories are underperforming the metal. They include long and intermediate term Treasury bonds, investment grade and high yield corporate bonds, and Treasury inflation protected securities (TIPS).