The analysis focuses on the relationship between real yields, interest rates, and the price of gold (GLD). Typically, gold's price decreases as real yields increase. However, the current market shows both rising. The analysis argues that this unusual correlation signals a loss of investor confidence in the bond market. As bonds offer comfortable interest rates above inflation, most investors prefer bonds over gold, since gold doesn't provide income. Gold's recent upward movement, even amidst rising real yields, suggests investors are seeking alternatives outside the traditional financial system and it is a vote of no confidence. It targets a price of 350 and would be invalidated if the price drops to 320.