RE:Bond Tantrum and Inflexion Agreed. Gold responds inversely to real yields. If my 10 year treasury bond pays 1%, but inflation is 2%, my real yield is -1%. I'm losing money holding treasuries. What to do? Buy equities, precious metals, real estate, BTC.
Recently, real yields have been getting closer to zero with the rise in treasury yields. So, there's more incentive to hold treasuries, and less incentive to hold other asset classes.
However, as the 10 year pushes 2%, that knocks the legs out from equity markets, real estate, and precious metals for reasons I won't go into. That spooks the Fed. Also, as real yields go positive, it means the government can't engage in a "slow motion default" as it did in the 1940's.
So, here comes "yield curve control." That's really good for gold, because it creates negative real yields once again, especially if inflation is running hotter than 2%.
If inflation is 3% and the Fed keeps 10 year yields at 1.5%, then real yields are -1.5%. Gold loves that scenario.