U.S. Treasuries just can't lose, primarily because of America's demographic shifts, says fixed-income manager Gundlach.

Wall Street's bearish stance on U.S. Treasuries is not paying off.

Wall Street's bearish stance on U.S. Treasuries is not paying off.

Investors are buying a larger share of U.S. Treasuries sold at government auctions than ever before.

Investors are buying a larger share of U.S. Treasuries sold at government auctions than ever before.

U.S. investors take up the slack as China and Japan slow purchases of Treasury bonds.

Growing demand for ETFs that hold inflation-protected Treasuries may indicate that bond buyers expect inflation to pick up soon.

Growing demand for ETFs that hold inflation-protected Treasuries may indicate that bond buyers expect inflation to pick up soon.