gold, page-34365

That's not quite true, while the Fed isn’t actively increasing the portfolio, it holds it steady by continuing to roll over maturing Treasuries and reinvest principal payments from the mortgage-backed securities. Yellen has even said the large balance sheet continues to have an accommodative affect on financial conditions, so the unwinding of the balance sheet which is yet to happen but will start shortly is really when the punch bowl will be taken away and is when things will start to get interesting.

While the appreciation in yields may have short term affects on gold inversely I see this as short term in the scheme of things as the rising yields will push up longer term borrowing costs making bulging debts even more unaffordable, which will lead to another crisis and yet more central bank intervention which is exactly what the gold price thrives on.