Germans will soon be able to buy gold in vending machines across the country the same way most people purchase a chocolate bar or a soda. That’s not the sort of bullish development that’s conducive to new highs for the gold market – at least not for now.

In a span of just three months the great safe-haven trade has violently unwound in favor of risk-taking across stocks, speculative bonds, commodities and currencies. And Treasury bonds, which rallied to their lowest yield levels since the 1950s in December, have posted their worst losses since 1994 the first six months of 2009.

Dumping T-bonds has been a great trade this year for several reasons.

Montreal, Canada

Since the stock market low on March 9 investors have been drunk with enthusiasm sending all risk-based assets skyrocketing following a relentless pounding since late 2007. And bank stocks, which hit a 19-year low on March 6 have since rallied a cumulative 104% as measured by the iShares Financial Select SPDRs or XLF.

Montreal, Canada

One of the greatest asset reversals has occurred over the last three months with stunning velocity.

Junk bonds, or high-yield bonds, have seen their yields crash since peaking in early March from 17% to just 9.3% now, according to the Merrill Lynch-Bank of America High Yield 100 Index. The index has gained 17% in 2009 – better than U.S. stocks and other segments of risky credit.

Copenhagen, Denmark.

Is this index for real?

This morning I’m on the way to meet Jyske Bank Private Banking in beautiful Copenhagen. The flight is just under an hour from Oslo so I won’t be bothering with bags or anything to check-in – exactly how I like to travel for day trips.

Denmark is about a lot of things but especially shipping. And the biggest company on the Copenhagen Stock Exchange is Maersk A/S, a formidable global container shipping company that’s easily recognizable the world over.