We are on the verge of a systemic global financial event any day now, and gold is just selling off... Here is what they are missing. US debt has nearly doubled in six years while the 10-year yield went from zero to over 5%. Annual interest expense now exceeds $1.2 trillion. The loop is a self-reinforcing death spiral. Higher yields mean higher interest costs. Higher costs mean larger deficits. Larger deficits mean more debt issuance. More issuance means even higher yields. The supposed risk-free asset is becoming the source of risk itself. This is not just America, it's every NATO country. Yields are surging across every major sovereign debt market while governments are more indebted than they have been in decades. Central banks have only one exit. Print money. Suppress yields. Sacrifice the currency to save the bond market. QE. YCC. Financial repression. Whatever you want to call it. People selling gold because yields are rising are making the most expensive mistake of this cycle. Rising yields don't mean gold is less attractive. They are evidence that the moment central banks are forced to intervene is getting closer. Higher yields today will force artificially lower yields tomorrow. You can't dream of more bullish gold enviornments than this. You don't own enough hard assets.