Boom /Bust cycle.

“As an aside, regardless of whether a major yield-curve reversal from flattening to steepening is driven by the unravelling of an artificial boom or rising inflation expectations, it is bullish for gold. By the same token, a major reversal in the yield curve from steepening to flattening is always bearish for gold.”

TSI Yield cuve

Since 2011 top SGR has been tracking the ratio of 10 yr to 2 yr. SGR is key to trend change in PM sector Since 2011 reversal in the yield curve from steepening to flattening has yielded gold to be bearish as well SGR.