POG, page-39

Gold needs the fed to curb bond yields. If they are not capped gold will go down more. The fed is between a rock and a hard place. The recovery narrative leads people away from safe havens like bonds so yields go up ( and gold goes down). At the same time it makes government debt very expensive and may lead to funding/debt crisis. They can try to cap yields, but then risk high inflation and civil unrest.

My guess is that they will cap rates and initiate UBI to offset some of the inflation for the average Joe.
so inflationary monetary policy, heavy fiscal stimulus and UBI.

Short term uncertain for gold. Medium term I can only see it recovering.