Here we'll manage a little phase of declining interest rates (red, purple and pink lines) across the board. Ah, but the yield curves (the area behind the nominal yields shows the 30/5 spread) are still bumping up even with nominal yields falling. Gold likes a rising curve and as was shown a couple days ago, nasty economic stuff tends to follow a rising curve.
Interest rates are declining (giving policy heroes would-be cover) and yet a gold positive, economy destructive signal is playing out in the spreads. What do you think will be the macro play upcoming, eh Beuller?