Patrick: You are in luck. All of the stars mentioned in last para have lined up now. He mentions “and/or” but now all are happening.

Thats why watching indicators like:
Credit Spread
plus Steepening Yield curve
plus Real interest rate
plus USD
Plus GSR
are important going forward.

September 29, 2014 :
Does the debt/GDP ratio drive the gold price?
The correct answer is no.

“The reality is that a rising US debt/GDP ratio can be a valid part of a bullish gold story, but only to the extent that it helps to bring about lower real interest rates and/or a steeper yield curve and/or a weaker US dollar and/or rising credit spreads. It isn’t directly bullish for gold, which is why a long-term comparison of the US$ gold price and the US debt/GDP ratio shows no consistent relationship. The same can be said about a rising US monetary base.”

https://tsi-blog.com/2014/09/does-the-debtgdp-ratio-drive-the-gold-price/