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<p>The correction from gold’s recent record-breaking price spike has been largely as expected.</p>
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<p>But what <i>isn’t</i> widely expected are the irresistible factors that will soon drive gold far, far higher.</p>
<p>It hasn’t been easy watching the price of gold drop precipitously from its recent, record-breaking heights.</p>
<p>Even though a correction wasn’t surprising, and in fact was widely predicted, it’s still hard to see so much red on the screen where there had been so much green.</p>
<p>In fact, gold’s down another $20 today as Treasury yields are up along with the Dollar Index.</p>
<p>The chart below shows the dynamics of today’s market, and how rising yields have driven gold lower.</p>
<p><img class=”mx-auto p-3″ src=”https://www.moneymetals.com/uploads/content/us-10-year-treasury-yield-vs-gold-continuous-contract-chart-560×307.jpg" alt=”US 10 Year Treasury Yield vs Gold Continuous Contract Chart” width=”560″ height=”307″ loading=”lazy” /></p>
<p>But even this short-term action is evidence of deeper trends in play. In particular, today’s auction of 10-year notes was met with tepid demand as investors demanded higher yields for the perceived risk.</p>
<p>This is just one of the bigger macro issues that will drive the markets, and gold, over the next few weeks and months.</p>
<p>In the weeks just ahead, the debt of both corporate borrowers and sovereign nations will be reset from ultra-low interest rates to today’s far higher levels…and this alone, if nothing else, will force the Fed and other central banks to begin cutting rates.</p>
<p>That will send gold and equities soaring. It’s why gold spiked to an all-time high just on speculation of a Fed pivot next year.</p>
