Ann: Further high grade gold paves way for Resource upgrade, page-30

Definitely not, remember yields going up is a sign of weekness especially on the long-end.

I have a different thesis, that when yields were 0-bound, people were still taking the excess liquidity and putting it in growth while diversifying using precious metals (in a bizarre way, gold became a bond-proxy, since bonds were yielding jack all as well). Now, the reverse is happening, people are taking profits across both and re-allocating towards pro-cyclicals (and value, everything that never recovered) with gold going down due to inverse correlation with USD (remember when you sell equities or any other asset class, you have to go to cash i.e. USD). We will continue to see sell-offs in treasuries on the longer end as well. Meaning gold will probably remain messy in the short run. But let's face it, good old Biden is pumping another 2 Trillion on the market, I shall rely on Powell having week legs and controlling the long-end of the curve and take those yields back to 0 (because the cost of debt servicing would be too high otherwise).

When that happens, that's when you see an actual recovery in the yellow metal.