It's the issue with negative rates and bonds going up. The market or at least the gold market isn't buying that Powell will hold off tapering till 2023, they think it will happen sooner. If there are real rates on money adjusted for inflation, ie you can put your money in a bank account and your real worth will go up, it will completely crash gold, it would also cease to exist any crypto currencies, they will all vanish to zero as in a positive rate environment they have no use as a store of value, they only came into existence because of the negative interest rate environment and will vanish if anything near to that happens. Now a positive rate on your savings? don't make me laugh but it may get closer to that and it would be bad for gold.
I think the fed will keep printing, but I tried to show the fear of other people have with gold, it's that type of thinking. Interest rates also do not have to go up to have positive interest rates as just holding cash at 0% positive if there is real deflation and we have seen $100 drop in gold in a few days....
