Price Prediction December 2022?, page-41

"Gold rises when the interest rate is lower than the inflation rate"

lol. So how do you explain the fact that in 2021 gold has been falling (not rising) even though interest rates are lower than inflation?

The truth is, gold competes against bond yields as a store of value. When inflation goes up and bond yields remain static, the true yield of bonds (what the economists calls 'real rates') falls and so gold rises. But when bond yields go up (or are predicted to go up) at a faster rate than inflation, real yields fall and gold sells.