It looks like the Bond market hasn't priced in growth or we're going to see a nasty reversion trade in the materials sector and a bond pop.
The Copper / Gold pair is a great proxy for inflation due to the divergent properties of the 2 metals. Copper is purely an industrial metal and a proxy for inflationary growth so the 10yr reacts correspondingly. Gold, on the other hand is a precious metal and trades similar to a monetary instrument and is loosely correlated to the long-end from the inverse yield relationship.