look at that yield curve in england. the 2,3,4,5 yr rates are all lower than the 1 yr or the short rate. the 10 and 12 yr rate is the same as the 1 yr. and the 15, 20 and 30 yr rates are still very low.
all % rates are lower than inflation. this is why gold will continue to rise in their currency. if inflation is close to 2%, and a 20 yr note pays less than 1%, then money flows into gold.