As a quick recap:
Because we are in a fiat-based monetary regime, gold trades like any other asset.
Specifically, gold typically tracks “real rates” or the actual cost of money as illustrated by the difference between yields on Inflation Treasury Inflation-Protected Securities or TIPS and regular Treasuries).
Recently a massive divergence has developed between real rates and gold.
Regarding #3 in the list above, the divergence between the two items is quite large, which means either real rates need to come down, or gold needs to catch up.
I believe we will see gold begin it next leg up relatively shortly.