I don't think that's the explanation. The developed world central banks have been desperately trying to INCREASE inflation for years. And they have failed. I think gold and Treasuries are signaling that prospective central bank measures (that everyone thinks are coming) will also fail to stoke inflation and even worse, will fail to maintain current low inflation rate and that we will have deflation. And people don't want to own PMs in a deflationary environment. They want developed world sovereign and investment grade bonds.