This document discusses recent movements in the gold market and factors that influence gold prices. It covers Jerome Powell's comments at the Jackson Hole meeting that caused assets like gold to rally. It also examines the divergence between rising inflation and falling bond yields in 2021. This bond conundrum could be explained by transitory inflation expectations or slowing economic growth prospects. The environment of low yields and negative real interest rates has been positive for gold, but rising real rates in the future as the Fed tightens could push gold prices lower. However, higher rates may also sow the seeds for a debt crisis or recession further out, which would be bullish for gold.