Are bonds a good place to hide? Or is it a bubble?

Abstract

A year ago, 30-year US or Canadian government bonds provided a yield of more than four percent. By the end of the year, interest rates had fallen to below three percent, providing investors with a total return of more than 25 percent. The government of Canada four percent bond due in 2041 had surged to a price of $130 per $100 bond, as investors' demand continued to push up the price.