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He also expects the inflation data will not prompt any rate move by the RBA.
Joe Foster, portfolio manager of the Van Eck International Investors Gold Fund, said the surprise negative interest rate move by the BoJ, and European Central Bank president Mario Draghi's talk of more monetary stimulus, encouraged safe-haven buying.
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Mr. Paulsen likens downgrades to interest rate moves by the Federal Reserve.
Sloan wrote, "We can go see R rated moves by ourselves now".
While the Federal Reserve raised its target for short-term interest rates by a quarter of a percentage point on Tuesday, bond market rates moved by much less during the week.
For the last decade, the Bank of Canada has followed most of the interest rate moves taken by the United States Federal Reserve, although Canadian rates are currently lower.
But analysts expect rates to move by at least another quarter-point to 6% by the end of the year.
A vexing crosscurrent, says Sturm, is the influence of exchange rates, which move by their own logic and don't necessarily track inflation and market demand for commodities.
By 1988, the exchange rate moved back to about $1.70 a mark.
Using the USD value means prices can be skewed by currency fluctuations and interest rate moves.
As rates move upward, the income stream represented by the fixed rate mortgage becomes less and less valuable.
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