This is a 12 month chart of gold versus the 10 year TIPS yield, inverted to show the correlation more clearly. TIPS in this case is basically a proxy to US inflation.
In the words of the person who’s been tracking this relationship closely, Mike Churchill of Churchill Research, “These series have a long history of moving together, a fact which lends credence to the idea that the gold move to the $1,300 range is sustainable“.
Or in IKN’s words, the whole freakin’ ball game right there.